https://www.taxtmi.com/caselaws?id=792074 Penalty under section 270A for misreporting of income had to be computed by comparing the assessed income with the income determined in processing under section 143(1)(a). The statutory formula required the processing-stage income to be reduced from the assessed income; treating that figure as nil was contrary to section 270A(2) and section 270A(3). Because the penalty under section 270A(8) depends on the properly computed under-reported income, the penalty amount also required recomputation. The Revenue's method was incorrect, and the matter was restored for fresh computation of under-reported income and consequential penalty in favour of the assessee to that extent. en-us Wed, 20 May 2026 00:00:00 +0530 Fri, 22 May 2026 07:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792074 Penalty under section 270A for misreporting of income had to be computed by comparing the assessed income with the income determined in processing under section 143(1)(a). The statutory formula required the processing-stage income to be reduced from the assessed income; treating that figure as nil was contrary to section 270A(2) and section 270A(3). Because the penalty under section 270A(8) depends on the properly computed under-reported income, the penalty amount also required recomputation. The Revenue's method was incorrect, and the matter was restored for fresh computation of under-reported income and consequential penalty in favour of the assessee to that extent. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792074