https://www.taxtmi.com/highlights?id=96151 Where addition was made solely on an estimated net profit basis, such estimate falls outside "under-reporting of income" under section 270A(6)(b) provided the accounts are correct and complete to the satisfaction of the assessing officer; accordingly the estimation does not sustain penalty as under-reporting. Separately, penalty proceedings were vitiated by failure to specify the statutory limb of section 270A (whether clauses (2)(a)-(g) or (9)(a)-(f)), rendering initiation of penalty legally untenable; consequence: penalty deleted and appeal allowed. - ITAT en-us Mon, 19 Jan 2026 07:36:44 +0530 Mon, 19 Jan 2026 07:36:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96151 Where addition was made solely on an estimated net profit basis, such estimate falls outside "under-reporting of income" under section 270A(6)(b) provided the accounts are correct and complete to the satisfaction of the assessing officer; accordingly the estimation does not sustain penalty as under-reporting. Separately, penalty proceedings were vitiated by failure to specify the statutory limb of section 270A (whether clauses (2)(a)-(g) or (9)(a)-(f)), rendering initiation of penalty legally untenable; consequence: penalty deleted and appeal allowed. - ITAT Highlights Income Tax Mon, 19 Jan 2026 07:36:44 +0530 https://www.taxtmi.com/highlights?id=96151