ITAT Deletes Section 270A Penalty on Section 14A Disallowance

Jubilant Securities Pvt. Ltd. Vs DCIT (ITAT Delhi) The assessee appealed against the order dated 26.08.2022 passed by the National Faceless Appeal Centre (NFAC), Delhi, which confirmed the penalty of Rs. 77,020 imposed under Section 270A of the Income-tax Act, 1961 for the Assessment Year 2017-18. The assessee, a resident corporate entity, filed its original return of income on 31.10.2017 declaring income of Rs. 20,05,980 and subsequently filed a revised return on 28.08.2018 declaring income of Rs. 18,11,980. During the assessment proceedings, the Assessing Officer observed that the assessee h...