ITAT Directs CIT(A) to Specify Clause of Section 270A(9) for Penalty Imposition

Terai Fruits Company Vs ITO (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT) Kolkata recently allowed the appeal of Terai Fruits Company in a case concerning a penalty levied under Section 270A of the Income Tax Act. The case originated from a reassessment proceeding where the assessee, Terai Fruits Company, was found to have conducted significant cash transactions but had not filed an income tax return for the relevant assessment year. Following the reassessment, the Assessing Officer (AO) imposed a penalty for misreporting of income. While the assessee paid the assessed tax and interest a...