Income Tax Penalty Set Aside Due to Non-Consideration of APA Modified Return

Man Truck & Bus India Pvt Ltd Vs Assessment Unit (Bombay High Court) The Bombay High Court has quashed a penalty order issued against Man Truck & Bus India Pvt. Ltd., remanding the case back to the Assessing Officer (AO) for a fresh hearing. The penalty was levied under Section 270A of the Income Tax Act, 1961, for the assessment year 2017-18. The core of the dispute revolved around a Transfer Pricing Adjustment and the subsequent filing of a modified return of income under an Advanced Pricing Agreement (APA). Key Events and Factual Background 1. Initial Assessment: The assessee, Man T...