Assessee filed its return of income declaring NIL income after set-off of brought forward loss. The case was selected for scrutiny, and the assessment was completed, making a transfer pricing adjustment of about Rs. 31.15 crores. Assessee entered into an Advanced Pricing Agreement (APA) with CBDT covering assessment years 2011-12 to 2018-19. Pursuant to section 92CD(1), it filed a modified return offering to tax about Rs. 14.16 crores towards transfer pricing adjustment as per APA. No order under section 92CD(3) on the modified return was passed by the Assessing Officer. A penalty order under section 270A was passed imposing a penalty on assessee in relation to the assessment year 2017-18. On writ, the Court held that the assessee had entered into an APA with CBDT, filed a modified return under section 92CD(1) offering to tax about Rs. 14.16 crores as per APA, and paid tax thereon, and it was also an admitted fact that no order under section 92CD(3) had been passed on the modified return. However, all these facts had not been taken into consideration by the Assessing Officer before passing the penalty order, and further, no virtual hearing was given to assessee as mandated by the Faceless Penalty (Amendment) Scheme, 2022. Penalty order was set aside, and matter remanded to the Assessing Officer to give a virtual hearing to the assessee and thereafter pass a fresh order.  (AY. 2017-18)