The case involved penalty proceedings u/s 270A for...

The case involved penalty proceedings u/s 270A for under-reporting or misreporting of income. The appellant argued that there was no underreporting as the transaction was reflected in Form No. 26AS. The tribunal noted that penalty under sub-section (8) is separate from sub-section (7) and can be imposed even without underreported income. Referring to Hindustan Steel Ltd. case, the tribunal emphasized not imposing penalty for technical breaches or if based on genuine belief. Misrepresentation includes false assertions. Since the appellant's case didn't fall under specific provisions of u/s 270A(2), the benefit of sub-section (6) wasn't available. Noteworthy facts included tax deduction at source by the purchaser and appellant's genuine belief of no tax liability due to TDS. The tribunal found no misrepresentation or suppression of facts as the reported sale consideration matched Form No. 26AS, and taxes were withheld.