Revised income is lesser than returned income: ITAT deleted penalty u/s 270A

Baroda Gujarat Gramin Bank Vs DCIT (ITAT Ahmedabad) In the matter abovementioned ITAT deleted the penalty imposed u/s 270A. Assessee is a regional rural bank which filed its ITR declaring total income of Rs.13,30,38,090/-. Assessment was completed u/s 143 (3) by making few disallowances and determining the total income as Rs. 13,90,42,220/-.  As there is difference between the assessed income and returned income, therefore the AO levied penalty of Rs.5,28,949/- u/s. 270A on account of under reporting of income. CIT (A) confirmed the penalty by holding that however brought forward loss of Rs. ...