Section 270A Penalty Fails After Quantum Section 56(2)(x) Addition Is Set Aside

Akil Abbas Rassai Vs DCIT (ITAT Mumbai) Section 270A Penalty Deleted as Underlying Section 56(2)(x) Addition Set Aside for Fresh Adjudication The assessee was levied penalty of ₹16.05 lakh under section 270A for alleged under-reporting of income arising from an addition of ₹82.35 lakh under section 56(2)(x). However, in separate quantum proceedings, the Tribunal had already set aside this very addition and restored the issue to the Assessing Officer for fresh examination based on evidences. The Tribunal held that penalty under section 270A is consequential to a final and crystallised findi...