Sec 270A Penalty Invalidated: AO Failed to Specify Misreporting Clause

Gujarat Energy Development Agency Vs DCIT (Exemption) (ITAT Ahmedabad) Trust Loses Deduction, Wins Penalty Battle – ITAT Clarifies Law on 270A; Capital Write-Off Not Deductible, But No Misreporting Gujarat Energy Development Agency, a State Government charitable trust registered u/s 12A, declared business income of ₹6.09 crore & also claimed exemption u/s 11 on voluntary grants applied for charitable purposes. In original assessment u/s 143(3), certain accumulation expenses were disallowed. Later, CIT(E) invoked revision u/s 263 directing re-examination of impairment loss on wind turbi...