ITAT Mumbai Deletes ₹37.61 Lakh Section 270A Penalty on Charitable Trust with Nil Income

ITAT Mumbai deletes ₹37.61 lakh penalty under section 270A, holding that disallowance of depreciation under section 11(6) did not result in under-reported income where assessed income remained Nil. The post ITAT Mumbai Deletes ₹37.61 Lakh Section 270A Penalty on Charitable Trust with Nil Income appeared first on TaxGuru .