https://www.taxtmi.com/caselaws?id=765638 ITAT PUNE ruled in favor of the assessee regarding penalty under section 270A for mis-reporting of income. The assessee had debited various expenses including advertisement, development, land, and excavation charges which AO found unproven and reduced from capital work-in-progress. CIT(A) reduced penalty from 200% to 50%. ITAT held that since AO failed to specify the particular clause/limb under section 270A in both assessment order and penalty notice, the penalty was not levied in accordance with law and deleted it entirely. en-us Fri, 10 Jan 2025 00:00:00 +0530 Thu, 06 Feb 2025 08:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765638 ITAT PUNE ruled in favor of the assessee regarding penalty under section 270A for mis-reporting of income. The assessee had debited various expenses including advertisement, development, land, and excavation charges which AO found unproven and reduced from capital work-in-progress. CIT(A) reduced penalty from 200% to 50%. ITAT held that since AO failed to specify the particular clause/limb under section 270A in both assessment order and penalty notice, the penalty was not levied in accordance with law and deleted it entirely. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765638