https://www.taxtmi.com/caselaws?id=756459 Penalty proceedings under section 270A require the notice and order to clearly specify the precise limb of misreporting or suppression alleged, so the assessee can meet the exact charge. Where the record does not consider the assessee's explanation for the difference in receipts, and the alleged Form 26AS mismatch is later rectified, the factual basis for penalty is undermined. An assessment finding is not conclusive for penalty purposes; surrounding circumstances and the explanation on record must be examined before sustaining the levy. en-us Thu, 30 May 2024 00:00:00 +0530 Fri, 02 Aug 2024 08:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756459 Penalty proceedings under section 270A require the notice and order to clearly specify the precise limb of misreporting or suppression alleged, so the assessee can meet the exact charge. Where the record does not consider the assessee's explanation for the difference in receipts, and the alleged Form 26AS mismatch is later rectified, the factual basis for penalty is undermined. An assessment finding is not conclusive for penalty purposes; surrounding circumstances and the explanation on record must be examined before sustaining the levy. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756459