Section 270AA(2) Immunity cannot be denied for Belated Form-68 Application: ITAT Bangalore

DACSS Granites Pvt. Ltd. Vs ITO (ITAT Bangalore) In a recent decision by the Income Tax Appellate Tribunal (ITAT) Bangalore, DACSS Granites Pvt. Ltd., a Private Limited company engaged in granite business, contested penalties imposed under Section 270A of the Income Tax Act, 1961. The case pertained to the assessment year 2017-18, with the tribunal addressing issues raised in response to a scrutiny assessment conducted under Section 143(3) of the Act. During assessment, the Assessing Officer (AO) made additions totaling Rs. 49,28,158 under Sections 14A, 36(1)(iii), and 40(a)(ia) of the Act. De...