https://www.taxtmi.com/caselaws?id=777079 ITAT MUMBAI held that the assessee's undisclosed foreign-exchange gains, not shown in the return, amounted to misreporting under section 270A(9)(a) and attracted penalty. The CIT(A) correctly substituted clause (a) for clause (e) originally invoked by the AO, exercising co-terminus appellate powers to rectify the error. Voluntary acceptance of the quantum did not extinguish penalty liability. Appeal dismissed and penalty sustained. en-us Wed, 23 Jul 2025 00:00:00 +0530 Thu, 21 Aug 2025 18:25:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777079 ITAT MUMBAI held that the assessee's undisclosed foreign-exchange gains, not shown in the return, amounted to misreporting under section 270A(9)(a) and attracted penalty. The CIT(A) correctly substituted clause (a) for clause (e) originally invoked by the AO, exercising co-terminus appellate powers to rectify the error. Voluntary acceptance of the quantum did not extinguish penalty liability. Appeal dismissed and penalty sustained. Case-Laws Income Tax Wed, 23 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777079