ITAT Cuttack Upholds 270A Penalty as assessee failed to file 270AA immunity Form

Ganesh Chit Fund Vs ITO (ITAT Cuttack) Income Tax Appellate Tribunal (ITAT), Cuttack Bench, has dismissed an appeal filed by Ganesh Chit Fund, confirming the levy of a penalty under Section 270A of the Income-tax Act, 1961, for the Assessment Year 2017-18. The Tribunal’s decision, pronounced on July 17, 2025, hinged on the assessee’s failure to adhere to the prescribed procedural requirements for claiming immunity from penalty under Section 270AA of the Act. The case originated from an assessment completed under Section 143(3) of the Income-tax Act, 1961, against Ganesh Chit Fund. ...