https://www.taxtmi.com/caselaws?id=760043 ITAT Chennai allowed the assessee's appeal against PCIT's revision order u/s 263. PCIT erred in holding that AO's omission to initiate penalty u/s 270A was erroneous and prejudicial to revenue. The tribunal found PCIT distorted the assessment order as AO had not made any clear finding of underreporting or misreporting of income under s.270A. PCIT's finding that AO gave clear determination that additions attracted penalty u/s 270A was perverse. The revision order was set aside, with tribunal noting AO had initiated penalty u/s 271AAB(1A) for assessment years 2018-19 to 2020-21 without error. en-us Wed, 25 Sep 2024 00:00:00 +0530 Tue, 15 Oct 2024 08:39:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760043 ITAT Chennai allowed the assessee's appeal against PCIT's revision order u/s 263. PCIT erred in holding that AO's omission to initiate penalty u/s 270A was erroneous and prejudicial to revenue. The tribunal found PCIT distorted the assessment order as AO had not made any clear finding of underreporting or misreporting of income under s.270A. PCIT's finding that AO gave clear determination that additions attracted penalty u/s 270A was perverse. The revision order was set aside, with tribunal noting AO had initiated penalty u/s 271AAB(1A) for assessment years 2018-19 to 2020-21 without error. Case-Laws Income Tax Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760043