ITAT says Surrender After Detection Does Not Shield Misreporting Penalty

Zee Akaash News challenged the penalty imposed after it offered ₹4.08 crore for disallowance in relation to transactions with Mixrex Media & Cables Pvt. Ltd. The ITAT found that the surrender followed the Department’s detection of alleged non-genuine transactions, and that the explanation of buying peace did not negate the findings of misrepresentation and false entries. It dismissed the appeal and sustained the penalty under Section 270A.