No Section 270A Penalty for Bona Fide Inadvertent Section 35D Claim: ITAT Bangalore

Advertisement Indo-Russian Helicopters Limited Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore, allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals)/NFAC upholding a penalty under Section 270A of the Income-tax Act, 1961 for Assessment Year 2018-19. The Tribunal first condoned a delay of 642 days in filing the appeal after finding that the assessee had shown sufficient cause. The assessee, a joint venture company incorporated on 2 May 2017 for manufacturing Russian design Kamov 226T helicopters, filed its return declar...