https://www.taxtmi.com/caselaws?id=793094 Penalty for misreporting of income under section 270A of the Income-tax Act was not sustainable where the return showed a bona fide adjustment error in failing to reduce short-term capital loss from business income. The mistake was apparent from the return itself, and there was no material showing misrepresentation, suppression of facts, false entry, or any other conduct falling within section 270A(9). The assessee accepted the error during assessment, the addition was not contested, and no specific misreporting clause was identified. On that basis, the penalty was cancelled. en-us Tue, 12 May 2026 00:00:00 +0530 Mon, 08 Jun 2026 18:35:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793094 Penalty for misreporting of income under section 270A of the Income-tax Act was not sustainable where the return showed a bona fide adjustment error in failing to reduce short-term capital loss from business income. The mistake was apparent from the return itself, and there was no material showing misrepresentation, suppression of facts, false entry, or any other conduct falling within section 270A(9). The assessee accepted the error during assessment, the addition was not contested, and no specific misreporting clause was identified. On that basis, the penalty was cancelled. Case-Laws Income Tax Tue, 12 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793094