HC Sets Aside 200% Section 270A Penalty for Misreporting Due to Defective SCN

Advertisement Ennore Tank Terminals Private Limited Vs Additional /Joint /Deputy/ACIT (Madras High Court) The Madras High Court considered a writ petition challenging an order dated 16.03.2022 imposing penalty under Section 270A of the Income-tax Act, 1961 for under-reporting of income in consequence of alleged misreporting. The petitioner submitted that it had claimed deduction under Section 80-IA in its return of income. According to the petitioner, the deduction was accepted to the extent of Rs.93,96,28,729/- in the intimation under Section 143(1) and later accepted to the extent of Rs.9...