https://www.taxtmi.com/highlights?id=88732 ITAT upheld penalty u/s.270A for underreporting of income based on suppressed sales discovered during survey. Despite partner's initial admission and subsequent retraction, incriminating documents substantiated undisclosed income. The tribunal found no procedural infirmity in penalty imposition, noting the assessee's repeated non-compliance and failure to effectively challenge the revenue's claims. The penalty was directed to be recalculated proportionate to the reduced income quantum, affirming the CIT(A)'s earlier order. The tribunal concluded that the suppressed sales constituted misreporting under section 270A, warranting statutory penalty. en-us Mon, 26 May 2025 08:52:04 +0530 Mon, 26 May 2025 08:52:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=88732 ITAT upheld penalty u/s.270A for underreporting of income based on suppressed sales discovered during survey. Despite partner's initial admission and subsequent retraction, incriminating documents substantiated undisclosed income. The tribunal found no procedural infirmity in penalty imposition, noting the assessee's repeated non-compliance and failure to effectively challenge the revenue's claims. The penalty was directed to be recalculated proportionate to the reduced income quantum, affirming the CIT(A)'s earlier order. The tribunal concluded that the suppressed sales constituted misreporting under section 270A, warranting statutory penalty. Highlights Income Tax Mon, 26 May 2025 08:52:04 +0530 https://www.taxtmi.com/highlights?id=88732