Penalty u/s 270A deleted as quantum of addition not finalized

CVMV Reddy’s Educational & Public Charitable Trust Vs ACIT (ITAT Chennai)

ITAT Chennai held that as the quantum of addition has not attained its finality, the penalty levied under section 270A of the Income Tax Act not imposable.

Facts- The assessee trust filed an online application in Form 10A for registration u/s. 12AA of the Act on 12.08.2019. While processing the application, the ld. CIT(E) has noted that certain explanations/clarifications were required to proce

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