Bonafide Education Cess Claim & No Exempt Income Bar Penalty & Section 14A Disallowance: ITAT Pune

Advertisement Poonawalla Fincorp Limited Vs ITO (ITAT Pune) Bonafide Education Cess Claim and No Exempt Income Bar Penalty and Section 14A Disallowance: ITAT Pune The Pune ITAT decided two appeals filed by the assessee relating to AYs 2019-20 and 2020-21. The first appeal concerned levy of penalty under Section 270A, while the second involved disallowance under Section 14A. For AY 2019-20, the assessee challenged the penalty imposed under Section 270A(2)(a) for alleged under-reporting of income arising from the claim of deduction towards Education Cess. The assessee contended that the claim...