https://www.taxtmi.com/caselaws?id=420257 HC quashed the penalty proceedings initiated under section 270A, holding that the assessment order failed to specify which limb of section 270A applied or how the statutory ingredients of misreporting under section 270A(9) were satisfied. The HC found that the assessment was based on the assessee's voluntary computation of income to buy peace and avoid litigation, which was acknowledged in the assessment order, negating any allegation of misreporting. The HC further held that the action defeated the legislative intent of section 270AA, and accordingly set aside the impugned order. en-us Mon, 28 Mar 2022 00:00:00 +0530 Wed, 10 Dec 2025 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420257 HC quashed the penalty proceedings initiated under section 270A, holding that the assessment order failed to specify which limb of section 270A applied or how the statutory ingredients of misreporting under section 270A(9) were satisfied. The HC found that the assessment was based on the assessee's voluntary computation of income to buy peace and avoid litigation, which was acknowledged in the assessment order, negating any allegation of misreporting. The HC further held that the action defeated the legislative intent of section 270AA, and accordingly set aside the impugned order. Case-Laws Income Tax Mon, 28 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420257