https://www.taxtmi.com/caselaws?id=751934 ITAT DELHI held that AO incorrectly imposed penalty at 200% under clause (8) of section 270A for misreporting of income when the notice and proceedings throughout referred to under-reporting of income. The Tribunal found that AO should have restricted penalty to 50% applicable for under-reporting, not misreporting. Following precedent from Alrameez Construction case, the appeal was partly allowed as AO failed to establish misreporting justifying the higher penalty rate under clause (8) of section 270A. en-us Fri, 26 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 18:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751934 ITAT DELHI held that AO incorrectly imposed penalty at 200% under clause (8) of section 270A for misreporting of income when the notice and proceedings throughout referred to under-reporting of income. The Tribunal found that AO should have restricted penalty to 50% applicable for under-reporting, not misreporting. Following precedent from Alrameez Construction case, the appeal was partly allowed as AO failed to establish misreporting justifying the higher penalty rate under clause (8) of section 270A. Case-Laws Income Tax Fri, 26 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751934