https://www.taxtmi.com/caselaws?id=763839 ITAT Chennai allowed the appeal in favor of the assessee regarding penalty under section 270A for misreporting of income. The tribunal found that the AO failed to specify exact charges in the assessment order and initiated penalty proceedings without clear grounds. The show-cause notice under section 274 read with section 270A covered both under-reporting and misreporting limbs without specificity. Despite the penalty order concluding it was under-reporting consequent to misreporting under section 270A(9)(a), the tribunal held that absence of specific charges in the show-cause notice warranted deletion of the penalty. en-us Tue, 05 Nov 2024 00:00:00 +0530 Wed, 01 Jan 2025 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763839 ITAT Chennai allowed the appeal in favor of the assessee regarding penalty under section 270A for misreporting of income. The tribunal found that the AO failed to specify exact charges in the assessment order and initiated penalty proceedings without clear grounds. The show-cause notice under section 274 read with section 270A covered both under-reporting and misreporting limbs without specificity. Despite the penalty order concluding it was under-reporting consequent to misreporting under section 270A(9)(a), the tribunal held that absence of specific charges in the show-cause notice warranted deletion of the penalty. Case-Laws Income Tax Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763839