No section 270A penalty for addition on account of estimation of fair market value by Valuation Officer

Satyam Print House Vs Additional/Joint/Deputy/Assistant Commissioner of Income Tax, Income Tax Officer (ITAT Mumbai)

The case of Satyam Print House versus the Additional/Joint/Deputy/Assistant Commissioner of Income Tax and the Income Tax Officer (ITAT Mumbai) revolves around the imposition of a penalty under Section 270A of the Income Tax Act, 1961. The dispute arose from the assessment year 2018-19, with the Assessee challenging the penalty imposed by the Commissioner of Income Tax (Appeals) [CIT(A)] for under-reporting income.

The Assessee contested the penalty on several

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