https://www.taxtmi.com/highlights?id=96330 Penalty under section 270A is examined in light of whether liability arises from under-reporting or misreporting. The tribunal emphasises that under-reporting requires a settled legal obligation to report income; where survey occurs before year end and the return is filed within prescribed time with accepted returned income, under-reporting is absent and penalty cannot be sustained. Misreporting conditions must be specifically fulfilled before invoking that limb; absence of specification and failure to meet misreporting criteria render the penalty unsustainable, with a binding Gujarat HC ratio relied upon. en-us Sat, 24 Jan 2026 13:44:05 +0530 Sat, 24 Jan 2026 13:44:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96330 Penalty under section 270A is examined in light of whether liability arises from under-reporting or misreporting. The tribunal emphasises that under-reporting requires a settled legal obligation to report income; where survey occurs before year end and the return is filed within prescribed time with accepted returned income, under-reporting is absent and penalty cannot be sustained. Misreporting conditions must be specifically fulfilled before invoking that limb; absence of specification and failure to meet misreporting criteria render the penalty unsustainable, with a binding Gujarat HC ratio relied upon. Highlights Income Tax Sat, 24 Jan 2026 13:44:05 +0530 https://www.taxtmi.com/highlights?id=96330