ITAT Bangalore Deletes Penalty U/s 270A After HC Condoned Delay and Restored Sec. 80IA Deduction

RNS Power Ltd. Vs DCIT (ITAT Bangalore) Penalty U/s 270A Deleted After HC Allowed Delay Condonation & Restored Sec.80IA Deduction – ITAT Bangalore ITAT Bangalore deleted penalty levied u/s 270A for alleged under-reporting/misreporting after the Karnataka High Court condoned delay in filing return and restored eligibility of deduction u/s 80IA. The assessee company’s deduction was initially denied invoking s.80AC due to belated filing, leading to penalty of ₹2.22 crore. Subsequently, the High Court condoned delay of 150 days in filing return, thereby validating the deduction claim. Th...