https://www.taxtmi.com/caselaws?id=761700 ITAT Pune quashed penalty under section 270A for under-reporting of income related to capital gains on agricultural land sale. The Assessing Officer failed to specify which of the six limbs under section 270A(9) applied when levying the penalty. Following precedent from Kishor Digambar Patil case, the Tribunal held the penalty was not levied in accordance with law due to this procedural deficiency. The CIT(A)/NFAC order was set aside and the Assessing Officer was directed to delete the penalty. The assessee's appeal was allowed. en-us Tue, 12 Nov 2024 00:00:00 +0530 Fri, 15 Nov 2024 08:45:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761700 ITAT Pune quashed penalty under section 270A for under-reporting of income related to capital gains on agricultural land sale. The Assessing Officer failed to specify which of the six limbs under section 270A(9) applied when levying the penalty. Following precedent from Kishor Digambar Patil case, the Tribunal held the penalty was not levied in accordance with law due to this procedural deficiency. The CIT(A)/NFAC order was set aside and the Assessing Officer was directed to delete the penalty. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761700