https://www.taxtmi.com/highlights?id=98052 ITAT upheld initiation of penalty for under-reported income in consequence of misreporting because the assessment order and show-cause notice clearly conveyed the charge, and requiring a more exact sub-clause specification would go beyond section 270A. It also rejected immunity under section 270AA, holding that such relief is unavailable where penalty proceedings are initiated for misreporting, so the application became infructuous once section 270A(9) was invoked. However, the penalty was deleted on merits in relation to labour cess disallowance, since all material facts were disclosed, the omission was a bona fide computational error, and the addition was tax neutral, bringing the case within the exclusion for bona fide explanations. en-us Wed, 25 Mar 2026 08:49:10 +0530 Wed, 25 Mar 2026 08:49:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=98052 ITAT upheld initiation of penalty for under-reported income in consequence of misreporting because the assessment order and show-cause notice clearly conveyed the charge, and requiring a more exact sub-clause specification would go beyond section 270A. It also rejected immunity under section 270AA, holding that such relief is unavailable where penalty proceedings are initiated for misreporting, so the application became infructuous once section 270A(9) was invoked. However, the penalty was deleted on merits in relation to labour cess disallowance, since all material facts were disclosed, the omission was a bona fide computational error, and the addition was tax neutral, bringing the case within the exclusion for bona fide explanations. Highlights Income Tax Wed, 25 Mar 2026 08:49:10 +0530 https://www.taxtmi.com/highlights?id=98052