https://www.taxtmi.com/caselaws?id=791986 Penalty under section 270A was held not leviable where the assessee claimed deduction under section 80P(2)(a)(i) on interest income from a co-operative bank and a commercial bank. The claimed deduction raised a debatable question on the character of the interest income and the extent of eligibility for deduction. Because the position was arguable and supported by a bona fide tax claim, it was not treated as deliberate misreporting or under-reporting of income. A claim that is not fully accepted in assessment does not, by itself, justify penalty when the underlying issue is plausible and contested. en-us Wed, 13 May 2026 00:00:00 +0530 Thu, 21 May 2026 08:30:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791986 Penalty under section 270A was held not leviable where the assessee claimed deduction under section 80P(2)(a)(i) on interest income from a co-operative bank and a commercial bank. The claimed deduction raised a debatable question on the character of the interest income and the extent of eligibility for deduction. Because the position was arguable and supported by a bona fide tax claim, it was not treated as deliberate misreporting or under-reporting of income. A claim that is not fully accepted in assessment does not, by itself, justify penalty when the underlying issue is plausible and contested. Case-Laws Income Tax Wed, 13 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791986