https://www.taxtmi.com/caselaws?id=432525 Penalty for underreporting under Section 270A was unsustainable where the return itself did not contain the deduction claim under Section 80P(2)(d) in respect of interest income from RECL. Since the computation filed with the return showed no such claim, the resulting assessment addition did not by itself establish underreporting or misreporting. The levy of penalty was therefore not exigible and was held invalid. en-us Thu, 05 Jan 2023 00:00:00 +0530 Sat, 07 Jan 2023 08:49:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432525 Penalty for underreporting under Section 270A was unsustainable where the return itself did not contain the deduction claim under Section 80P(2)(d) in respect of interest income from RECL. Since the computation filed with the return showed no such claim, the resulting assessment addition did not by itself establish underreporting or misreporting. The levy of penalty was therefore not exigible and was held invalid. Case-Laws Income Tax Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432525