No Tax, No Under-Reporting: ITAT Mumbai Deletes 270A Penalty on Mere Re-classification of Loss

ACIT Vs Glorishine Impex Private Limited (ITAT Mumbai) No Tax, No Under-Reporting: ITAT Mumbai Deletes 270A Penalty on Mere Re-classification of Loss The Revenue appealed against the NFAC order deleting a ₹14.09 crore penalty u/s 270A levied on Glorishine Impex Pvt Ltd. Assessee, engaged in commodity trading, had claimed business loss of ₹79.40 crore on settlement of forward contracts with Ruchi Soya & others. AO held that since there was no actual delivery, the loss was speculation loss u/s 43(5) & re-classified it accordingly. Importantly, the quantum of loss was fully accepted, ...