https://www.taxtmi.com/caselaws?id=792504 Penalty for alleged under-reporting and misreporting under section 270A(9) was held unsustainable where the capital gains from sale of agricultural land, though omitted from the original return, were disclosed in the return filed in response to notice under section 148 and were accepted in assessment. The Tribunal compared the section 270A position with the return filed under section 148, not with the original return, and accepted the assessee's explanation that the transaction was bona fide believed to be non-taxable. As the material facts of the sale were disclosed when required, the penalty was deleted. en-us Wed, 06 May 2026 00:00:00 +0530 Fri, 29 May 2026 08:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792504 Penalty for alleged under-reporting and misreporting under section 270A(9) was held unsustainable where the capital gains from sale of agricultural land, though omitted from the original return, were disclosed in the return filed in response to notice under section 148 and were accepted in assessment. The Tribunal compared the section 270A position with the return filed under section 148, not with the original return, and accepted the assessee's explanation that the transaction was bona fide believed to be non-taxable. As the material facts of the sale were disclosed when required, the penalty was deleted. Case-Laws Income Tax Wed, 06 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792504