https://www.taxtmi.com/caselaws?id=461409 The ITAT Pune dismissed the Revenue's appeal challenging penalty proceedings under section 270A. The case involved an addition to income under section 143(1)(a) where profit was estimated at 10% versus the assessee's declared 7.37% of turnover. The tribunal held that penalty notices under section 270A must specify which limb of the provision applies and how ingredients of sub-section (9) are satisfied. Following the Delhi HC precedent in Schneider Electric, the tribunal ruled that without specifying the applicable limb in either the assessment order or penalty notice, no penalty under section 270A is leviable, upholding the CIT(A)'s order. en-us Thu, 26 Dec 2024 00:00:00 +0530 Thu, 03 Apr 2025 12:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461409 The ITAT Pune dismissed the Revenue's appeal challenging penalty proceedings under section 270A. The case involved an addition to income under section 143(1)(a) where profit was estimated at 10% versus the assessee's declared 7.37% of turnover. The tribunal held that penalty notices under section 270A must specify which limb of the provision applies and how ingredients of sub-section (9) are satisfied. Following the Delhi HC precedent in Schneider Electric, the tribunal ruled that without specifying the applicable limb in either the assessment order or penalty notice, no penalty under section 270A is leviable, upholding the CIT(A)'s order. Case-Laws Income Tax Thu, 26 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461409