Change in Head of Loss Not Under-Reporting: ITAT Deletes ₹15.19 Cr Penalty u/s 270A

INU Exports Private Limited Vs ITO (ITAT Mumbai)

The appeal before the Income Tax Appellate Tribunal Mumbai concerned the levy of penalty under section 270A of the Income Tax Act, 1961, for Assessment Year 2017–18. The assessee had filed its return declaring a loss of ₹87.92 crore. During scrutiny assessment completed under section 143(3), the Assessing Officer observed that the assessee had claimed a loss of ₹87.83 crore arising from claim and settlement of forward contracts entered into for sale of commodities. According to the Assessing Officer, as there

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