ITAT Restores Section 270A Penalty Immunity Application to AO for Fresh Consideration

Malanadu Co-op. Agriculture and Rural Development Bank Ltd. Vs ITO (ITAT Cochin) The case involves Malanadu Co-operative Agriculture and Rural Development Bank Ltd., a co-operative society registered under the Kerala Co-operative Societies Act, 1969. The bank filed its return of income for the assessment year 2020-21, claiming a deduction under Section 80P of the Income Tax Act, 1961. However, the Income Tax Officer (ITO) assessed the return and initiated penalty proceedings under Section 270A due to an alleged underreporting of income. The assessee applied for immunity from penalty but failed...