ITAT Upholds Section 270A Penalty as Assessee Failed to File Return Despite TDS on Interest Income

Apex Detonators Pvt. Ltd Vs DCIT (ITAT Nagpur) The ITAT Nagpur upheld the penalty levied under Section 270A of the Income Tax Act for under-reporting of income where the assessee company failed to file its return of income for AY 2019-20 and also ignored notices issued under Section 148. The addition pertained to interest income of ₹8,62,624 earned on fixed deposits, which came to the Department’s notice through Form 26AS. The assessee argued that tax had already been deducted at source and the omission to file the return was unintentional, arising from the company’s dormant stat...