ITAT Deletes Section 270A Penalty as Deduction Claim Matched Revised Audit Report

Panhera Gramin Bigarsheti Vs ITO (ITAT Nagpur) The Income Tax Appellate Tribunal (ITAT) Nagpur Bench has provided significant relief to Panhera Gramin Bigarsheti, a cooperative society, by quashing two separate penalties imposed by the Assessing Officer (AO) for the Assessment Year 2020-21. The appeals stemmed from orders by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, which had upheld the penalties. Penalty for Non-Compliance Overturned In the first appeal (ITA No. 495/Nag./2024), the cooperative was penalized Rs. 30,000 by the AO for failing to comply wit...