Absence of Satisfaction: ITAT Hyderabad Quashes ₹1.58 Section 270A Penalty

United Steel Allied Industries Pvt. Ltd. Vs DCIT (ITAT Hyderabad) ITAT Hyderabad Deletes Penalty of ₹1.58 Cr. Levied u/s 270A on Excess Loss Claim – No Satisfaction, No Penalty Background Assessee engaged in iron & steel manufacturing filed return showing loss of ₹46.59 Cr. AO, after assessment, determined loss at ₹32.84 Cr. and held that assessee wrongly claimed excess loss of ₹13.75 Cr. by applying indexation from FY 2008-09 for all 1.84 Cr. shares of USAI Forge Pvt. Ltd., though 34.89 lakh shares were actually purchased in FY 2013-14. AO treated this as under-reporting o...