https://www.taxtmi.com/caselaws?id=785502 Scope of section 270A is clarified to require existence of under-reported income tied to a legally enforceable obligation to report; where accounting year and filing timeline are incomplete, amounts offered during survey do not amount to under-reporting if they are duly declared in the return filed within time and the assessment accepts the returned income, and therefore no penalty can be levied on that basis. Penalty cannot be sustained where the conditions constituting misreporting are not satisfied and the initiating notice fails to specify the applicable limb, rendering the levy unsustainable. en-us Wed, 21 Jan 2026 00:00:00 +0530 Sat, 24 Jan 2026 08:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785502 Scope of section 270A is clarified to require existence of under-reported income tied to a legally enforceable obligation to report; where accounting year and filing timeline are incomplete, amounts offered during survey do not amount to under-reporting if they are duly declared in the return filed within time and the assessment accepts the returned income, and therefore no penalty can be levied on that basis. Penalty cannot be sustained where the conditions constituting misreporting are not satisfied and the initiating notice fails to specify the applicable limb, rendering the levy unsustainable. Case-Laws Income Tax Wed, 21 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785502