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’…
ITAT Quashes Revision in Demonetisation Cash Deposit Case; No ‘Lack of Inquiry’ Found Sikka Infrastructure Pvt. Ltd. filed its return for AY 2017-18 declaring NIL income. The original assessment under Section 143(3) was completed without additions. The case was later reopened under Section 148 due to cash deposits of Rs. 2.06 crore during demonetisation. In…
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