Penalty Collapses with Quantum Relief: ITAT Chennai Deletes 270A Penalty

Director Institute for Ocean Management Anna University Vs ITO (ITAT Chennai) Penalty Collapses with Quantum Relief – ITAT Chennai Deletes 270A Penalty on Anna University’s Ocean Institute ITAT allowed the appeal & cancelled penalty of ₹5.20 lakh levied u/s 270A, holding that once the foundation of penalty-the underlying quantum addition-stood deleted, the penalty could not survive. Assessee, a Government-funded educational institute under Anna University, is covered by exemption u/s 10(23C)(iiiab). AO in assessment order dated 23.04.2021 had disallowed 20% of contingency expenses of...