https://www.taxtmi.com/caselaws?id=788046 Where an assessee voluntarily disclosed additional income in an updated return and tax with interest was paid and that updated return was accepted in assessment, the element of under-reporting or misreporting necessary for levy of penalty under section 270A does not subsist, and penalty relating to that income cannot be sustained. Separately, a penalty notice that fails to specify which particular limb of the statutory misreporting categories is invoked contains a material defect rendering the proceedings invalid; accordingly, the penalty was deleted and the appeal allowed in the assessee's favour. en-us Thu, 12 Mar 2026 00:00:00 +0530 Mon, 16 Mar 2026 08:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788046 Where an assessee voluntarily disclosed additional income in an updated return and tax with interest was paid and that updated return was accepted in assessment, the element of under-reporting or misreporting necessary for levy of penalty under section 270A does not subsist, and penalty relating to that income cannot be sustained. Separately, a penalty notice that fails to specify which particular limb of the statutory misreporting categories is invoked contains a material defect rendering the proceedings invalid; accordingly, the penalty was deleted and the appeal allowed in the assessee's favour. Case-Laws Income Tax Thu, 12 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788046