https://www.taxtmi.com/caselaws?id=461406 Penalty under section 270A of the Income-tax Act was held unsustainable where the order failed to specify the exact limb of under-reporting or misreporting alleged against the assessee. The penalty proceedings were based on non-disclosure of interest income and referred generally to both section 270A(8) and section 270A(9), but the authority did not identify the precise clause or charge forming the basis of the levy. That omission was treated as fatal because the assessee was not informed of the exact allegation to meet. The ITAT Pune therefore held the penalty could not stand and decided the issue in favour of the assessee. en-us Wed, 24 Apr 2024 00:00:00 +0530 Fri, 04 Apr 2025 19:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461406 Penalty under section 270A of the Income-tax Act was held unsustainable where the order failed to specify the exact limb of under-reporting or misreporting alleged against the assessee. The penalty proceedings were based on non-disclosure of interest income and referred generally to both section 270A(8) and section 270A(9), but the authority did not identify the precise clause or charge forming the basis of the levy. That omission was treated as fatal because the assessee was not informed of the exact allegation to meet. The ITAT Pune therefore held the penalty could not stand and decided the issue in favour of the assessee. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461406