AdvertisementVallapuzha Service Co-Operative Bank Ltd. Vs Assessment Unit (Kerala High Court) The petitioner challenged a penalty order passed under Section 270A of the Income Tax Act, 1961. The assessment for Assessment Year 2021-22 had been completed under Section 143(3) by order dated 19.12.2022. Although the computation reflected nil tax liability, the assessment disallowed a deduction of ₹1,11,62,396/-, leading to initiation of penalty proceedings under Section 270A and the passing of the impugned penalty order. During the pendency of the writ petition, the petitioner succeeded in the first appeal a...