Retrospective Amendment Cannot Invite Section 270A Penalty: ITAT Ahmedabad

Koshambh Multitred Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) No Penalty on Disallowance of Education Cess – Retrospective Amendment Cannot Invite 270A Action: ITAT Ahmedabad Ahmedabad ITAT , has held that penalty levied u/s 270A(2) t for underreporting of income on account of claim of deduction of education cess is not sustainable, since such claim was bona fide, backed by favourable High Court rulings, & later rendered inadmissible only by virtue of retrospective amendment by Finance Act, 2022. Assessee had claimed deduction of education cess of ₹15,94,943/- in the return of income. During a...