https://www.taxtmi.com/caselaws?id=773354 The Tribunal set aside penalty under Section 270A of Income Tax Act imposed on assessee for 'under reporting of income.' Though assessee was initially a non-filer who filed belated return declaring income of Rs. 1,02,88,060, the Department accepted this declared income without any additions or adjustments during assessment. The Tribunal held that 'under reporting' occurs only when declared income is less than actual income, and since no discrepancy existed between declared and assessed income, penalty under Section 270A was not justified. The Tribunal ruled that mere belated filing without condonation under Section 119(2) does not constitute under reporting when declared income is accepted as filed. en-us Fri, 30 May 2025 00:00:00 +0530 Sat, 21 Jun 2025 08:29:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773354 The Tribunal set aside penalty under Section 270A of Income Tax Act imposed on assessee for 'under reporting of income.' Though assessee was initially a non-filer who filed belated return declaring income of Rs. 1,02,88,060, the Department accepted this declared income without any additions or adjustments during assessment. The Tribunal held that 'under reporting' occurs only when declared income is less than actual income, and since no discrepancy existed between declared and assessed income, penalty under Section 270A was not justified. The Tribunal ruled that mere belated filing without condonation under Section 119(2) does not constitute under reporting when declared income is accepted as filed. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773354