https://www.taxtmi.com/caselaws?id=310695 ITAT Rajkot upheld CIT(A)'s decision to delete penalty under section 270A for misreporting income in property sale by brothers. Search was conducted at third party premises, and diary evidence led to voluntary tax additions. Since search occurred during assessment year with time remaining to file returns, assessee included additional income in return filed on 08-03-2018. Tribunal found assessee's case didn't fall under section 270A provisions, as AO failed to specify applicable clause. No penalty warranted when voluntary disclosure made within statutory timeframe. en-us Fri, 23 Dec 2022 00:00:00 +0530 Tue, 07 Nov 2023 21:48:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310695 ITAT Rajkot upheld CIT(A)'s decision to delete penalty under section 270A for misreporting income in property sale by brothers. Search was conducted at third party premises, and diary evidence led to voluntary tax additions. Since search occurred during assessment year with time remaining to file returns, assessee included additional income in return filed on 08-03-2018. Tribunal found assessee's case didn't fall under section 270A provisions, as AO failed to specify applicable clause. No penalty warranted when voluntary disclosure made within statutory timeframe. Case-Laws Income Tax Fri, 23 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310695