2025 (8) TMI 1194

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....a, Mr. Pratik Poddar,. For the Respondent: Mr. Akhileshwar Sharma, (through V.C.),. P. C. 1. The above Writ Petition is filed seeking to quash the penalty imposed on the Petitioner under Section 270A of the Income Tax Act, 1961 ("IT Act") for the Assessment Year 2017-2018. 2. According to the Petitioner, on 30th November 2017, the Petitioner had filed its return of income declaring its....

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....ck as on 26th March 2014, which finally culminated in the APA on 21st December 2021. Since the APA was entered into between the Petitioner and the CBDT, under the provisions of Section 92CD(1), the Petitioner filed its modified Return of Income on 30th March 2022. According to the Petitioner, under Sub-section (3) of Section 92CD read with Sub-section (5) of Section 92CD, the Assessing Officer was....

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.... ought to have been calculated as per the income brought to tax in the modified Return, namely, on Rs. 14.16 Crores, and not on the amount of Rs. 39.15 Crores which was originally assessed by the Assessing Officer in his order dated 24th June 2021. 5. An additional ground that is raised is that it was mandatory for the Officer levying the penalty to grant a virtual hearing to the Petitioner bef....

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....er passed on 24th June 2021, but on the basis of the modified Return of Income filed by the Petitioner on 30th March 2022, and which was filed under the provisions of Section 92CD(1). The impugned penalty order seeks to levy penalty after taking into account the Transfer Pricing Adjustment of Rs. 39.15 Crores rather than Rs. 14.16 Crores. In these circumstances, we find that a prima facie case is ....