Section 270AA Immunity cannot be denied for Late Submission of Form 68 Hard Copy

Karimnagar District Cooperative Central Bank Limited Vs ITO (ITAT Hyderabad)

The case involves Karimnagar District Cooperative Central Bank Ltd. (DCCB) appealing against the penalty levied under Section 270A of the Income Tax Act for the assessment year 2018-19. Initially, the bank had declared an income of ₹9.50 crore and paid the necessary taxes. However, during the assessment, it realized an excess gratuity provision of ₹16.19 lakh, which was voluntarily offered for taxation. The assessing officer accepted the addition and later imposed a penalty of ₹5.60 lakh, rejecting t

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