https://www.taxtmi.com/caselaws?id=310367 The Tribunal allowed the appeal by the assessee, ruling that there was no under-reporting of income warranting a penalty under section 270A of the Income Tax Act, 1961. The penalty related to the annual value of house property was deleted, as the error was attributed to the Accountant's mistake. Additionally, the penalty for misreporting interest income under the wrong head was also removed, as the error was deemed a bonafide belief with no tax difference between the income heads. en-us Wed, 31 May 2023 00:00:00 +0530 Tue, 14 Jul 2026 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310367 The Tribunal allowed the appeal by the assessee, ruling that there was no under-reporting of income warranting a penalty under section 270A of the Income Tax Act, 1961. The penalty related to the annual value of house property was deleted, as the error was attributed to the Accountant's mistake. Additionally, the penalty for misreporting interest income under the wrong head was also removed, as the error was deemed a bonafide belief with no tax difference between the income heads. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310367