ITAT remanded back penalty proceedings to AO for denovo adjudication as quantum was also referred back to him

Abacus International Pte Ltd. Vs DDIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai rendered a significant decision in the case of Abacus International Pte Ltd. vs. Deputy Director of Income Tax (DDIT). The focal point of the case revolved around the assessment of notional interest income on interest-free loans extended by the assessee to its Associated Enterprise (AE). The ITAT’s ruling has broader implications, particularly concerning the imposition of penalties under Section 271(1)(c) of the Income Tax Act. Detailed Analysis: The tribunal, in its order dated 16/10/2019...