https://www.taxtmi.com/caselaws?id=468549 Penalty for misreporting of income under section 270A of the Income-tax Act, 1961 was sustained where one property sale was omitted from capital gains computation and housing loan interest was wrongly claimed as business loss. The record showed that the sale transactions were already reflected in Form 26QB and Form 26AS, and only five of six property transactions were disclosed, indicating a deliberate omission rather than a clerical error. The assessee offered no effective rebuttal, so the penalty order was found to suffer from no infirmity and the challenge failed. en-us Fri, 14 Feb 2025 00:00:00 +0530 Tue, 12 May 2026 19:15:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468549 Penalty for misreporting of income under section 270A of the Income-tax Act, 1961 was sustained where one property sale was omitted from capital gains computation and housing loan interest was wrongly claimed as business loss. The record showed that the sale transactions were already reflected in Form 26QB and Form 26AS, and only five of six property transactions were disclosed, indicating a deliberate omission rather than a clerical error. The assessee offered no effective rebuttal, so the penalty order was found to suffer from no infirmity and the challenge failed. Case-Laws Income Tax Fri, 14 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468549