https://www.taxtmi.com/caselaws?id=785168 Penalty under penal provision for reporting discrepancies was set aside because the impugned addition arose solely from an income estimation by the assessing officer and therefore falls outside the scope of under-reporting when the books are otherwise correct and complete to the AOs satisfaction; additionally, the penalty proceedings were procedurally defective as the notice and assessment failed to specify which limb of the penalty provision (under-reporting or mis-reporting) was invoked, rendering initiation of penalty proceedings untenable and resulting in deletion of the penalty. en-us Thu, 15 Jan 2026 00:00:00 +0530 Mon, 19 Jan 2026 07:36:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785168 Penalty under penal provision for reporting discrepancies was set aside because the impugned addition arose solely from an income estimation by the assessing officer and therefore falls outside the scope of under-reporting when the books are otherwise correct and complete to the AOs satisfaction; additionally, the penalty proceedings were procedurally defective as the notice and assessment failed to specify which limb of the penalty provision (under-reporting or mis-reporting) was invoked, rendering initiation of penalty proceedings untenable and resulting in deletion of the penalty. Case-Laws Income Tax Thu, 15 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785168