Section 270A penalty quashed for transfer pricing adjustment; APA and section 92CD(1) modified return accepted, fresh adjudication within 12 weeks

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....The HC quashes the impugned penalty order under section 270A insofar as it imposes additions based on a transfer pricing adjustment without regard to the Petitioner's APA dated 21 Dec 2021 and the modified return filed under section 92CD(1) (filed 30 Mar 2022) which declared and paid tax on the adjustment. The matter is remitted to Respondent No.1 for fresh adjudication: Respondent No.1 must afford a virtual hearing under the Faceless Penalty (Amendment) Scheme, 2022, consider the admitted payment, absence of any order under section 92CD(3), and prior dropping of penalty for AY 2016-17 on the same APA, and thereafter pass a reasoned order within 12 weeks.....