https://www.taxtmi.com/caselaws?id=444748 The Tribunal allowed the appeal, setting aside the penalty imposed under section 270A of the Income Tax Act and directed the Assessing Officer to delete the penalty. The Tribunal found that the addition to the total income was due to a change in the head of income, not underreporting. It concluded that the assessee's explanation was genuine and fell under an exception to underreporting, thus a bona fide mistake in computing income should not result in a penalty. en-us Tue, 17 Oct 2023 00:00:00 +0530 Fri, 20 Oct 2023 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444748 The Tribunal allowed the appeal, setting aside the penalty imposed under section 270A of the Income Tax Act and directed the Assessing Officer to delete the penalty. The Tribunal found that the addition to the total income was due to a change in the head of income, not underreporting. It concluded that the assessee's explanation was genuine and fell under an exception to underreporting, thus a bona fide mistake in computing income should not result in a penalty. Case-Laws Income Tax Tue, 17 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444748