AdvertisementVande Matharam Vividhoddesha Souharda Sahakari Limited Vs ITO (ITAT Bangalore) Bangalore ITAT Deletes Section 270A Penalty Where AO Initially Accepted Section 80P Deduction and Assessee Acted Under Bona Fide Belief The Bangalore ITAT deleted the penalty levied under section 270A on a co-operative society that had claimed deduction under section 80P(2)(a)(i) on interest earned from deposits with co-operative and scheduled banks. The deduction was originally accepted by the Assessing Officer in the scrutiny assessment under section 143(3) and again in an earlier rectification order under section...