https://www.taxtmi.com/caselaws?id=467702 Penalty under section 270A was found unsustainable where the assessee revised the return after notice under section 148, disclosed the correct income, and paid tax with interest. The assessee was a salaried employee with limited tax knowledge and had relied on a tax consultant who prepared the return. The penalty order also failed to clearly identify the specific limb of under-reporting or misreporting under section 270A(9). In these circumstances, the explanation was accepted as bona fide, the penalty was deleted for both assessment years, and the matter was decided in favour of the assessee. en-us Tue, 18 Feb 2025 00:00:00 +0530 Mon, 30 Mar 2026 19:50:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467702 Penalty under section 270A was found unsustainable where the assessee revised the return after notice under section 148, disclosed the correct income, and paid tax with interest. The assessee was a salaried employee with limited tax knowledge and had relied on a tax consultant who prepared the return. The penalty order also failed to clearly identify the specific limb of under-reporting or misreporting under section 270A(9). In these circumstances, the explanation was accepted as bona fide, the penalty was deleted for both assessment years, and the matter was decided in favour of the assessee. Case-Laws Income Tax Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467702