https://www.taxtmi.com/caselaws?id=779862 ITAT PUNE - AT held that the penalty under section 270A is deleted because the taxpayer legitimately reclassified income from business income to long-term capital gains based on judicial precedents and CBDT Circular No.06/2016, so the case did not constitute under-reporting or misreporting of income. Relying on an earlier ITAT DELHI decision, the Tribunal allowed the effective grounds of appeal and set aside the impugned penalty. en-us Thu, 09 Oct 2025 00:00:00 +0530 Fri, 10 Oct 2025 12:16:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779862 ITAT PUNE - AT held that the penalty under section 270A is deleted because the taxpayer legitimately reclassified income from business income to long-term capital gains based on judicial precedents and CBDT Circular No.06/2016, so the case did not constitute under-reporting or misreporting of income. Relying on an earlier ITAT DELHI decision, the Tribunal allowed the effective grounds of appeal and set aside the impugned penalty. Case-Laws Income Tax Thu, 09 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779862