No Penalty for Misreporting Without Malafide Intent: ITAT Delhi

Pranav Vikas India Pvt Ltd Vs DCIT (ITAT Delhi) In the case of Pranav Vikas India Pvt Ltd Vs DCIT (ITAT Delhi), the tribunal addressed the issue of penalty under section 270A(9) of the Income Tax Act for misreporting income. The appeal was filed against a penalty imposed by the Assessing Officer (AO) for claiming excessive deductions under section 35(2AB). The AO had initially levied a penalty of Rs. 1,09,39,526, which was later reduced to 100% of the tax payable by the CIT(A)/NFAC. The tribunal found that the penalty was unjustified as the misreporting was not driven by malafide intentions bu...