Section 270A Penalty Deletion Upheld as SCN Was Vague: ITAT Kolkata

Advertisement DCIT Vs S.S. Natural Resources Pvt. Ltd. (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income-tax (Appeals) deleting the penalty of ₹5,17,80,820 levied under Section 270A of the Income-tax Act for Assessment Year 2022-23. At the outset, the Tribunal condoned a delay of 163 days in filing the Revenue’s appeal after considering the explanation that the delay resulted from obtaining administrative approval from the competent authorities. The assessee did not oppose the con...