https://www.taxtmi.com/caselaws?id=785275 Treatment of interest income claimed alongside a deduction under section 10AA was examined in relation to penalty proceedings under section 270A. The commentary explains that where interest income was expressly disclosed and the assessee relied on a judicial precedent, the bona fide explanation exception and full disclosure requirement under the under-reporting framework applied, making the assessment addition not constitute under-reporting. The consequence described is deletion of the penalty since the taxpayer satisfied the statutory exception by a reasonable, plausible legal position and complete disclosure of material facts. en-us Wed, 26 Nov 2025 00:00:00 +0530 Wed, 21 Jan 2026 08:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785275 Treatment of interest income claimed alongside a deduction under section 10AA was examined in relation to penalty proceedings under section 270A. The commentary explains that where interest income was expressly disclosed and the assessee relied on a judicial precedent, the bona fide explanation exception and full disclosure requirement under the under-reporting framework applied, making the assessment addition not constitute under-reporting. The consequence described is deletion of the penalty since the taxpayer satisfied the statutory exception by a reasonable, plausible legal position and complete disclosure of material facts. Case-Laws Income Tax Wed, 26 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785275