High Court’s Admission of Quantum Appeal Weakens Penalty Proceedings: ITAT The Income Tax Appellate Tribunal (ITAT) held that a penalty under Section 271(1)(c) of the Income Tax Act, 1961, cannot be sustained where the main issue has already been admitted by the Hon’ble High Court as a substantial question of law, thereby establishing that the…
HC Quashes Penalty u/s 270A where claim was based on binding jurisdictional precedent at time of ITR filing The petitioner, GM Modular Private Limited, filed its return for AY 2019-20 declaring income of Rs. 70.11 crore. While processing under Section 143(1), an adjustment of Rs. 26.72 lakh was made towards the delayed deposit of employees’…
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