Section 270A Penalty Deleted as Expense Disallowance Is Not Misreporting: ITAT Bangalore

Advertisement Gollahalli Sreeramaiah Manjunath Vs DCIT (ITAT Bangalore) The ITAT Bangalore considered an appeal against the order of the National Faceless Appeal Centre (NFAC) confirming a penalty of ₹11,02,098 levied under Section 270A of the Income-tax Act, 1961 for Assessment Year 2022-23. The assessee challenged the penalty on the ground that neither the assessment order nor the penalty proceedings specified the relevant limb of misreporting under Section 270A(9). The assessee, engaged in the wholesale trade of rice, dals, pulses and similar commodities, had claimed loading and unload...