Specific charge in penalty proceedings for under-reporting or misreporting of income required; vague invocation made penalty unsustainable.

Specific charge in penalty proceedings for under-reporting or misreporting of income required; vague invocation made penalty unsustainable. https://www.taxtmi.com/highlights?id=100810 Penalty proceedings for alleged under-reporting or misreporting of income failed where the exact statutory limb was not specified. The ITAT treated the sweeping invocation of both limbs as non-application of mind and held the penalty unsustainable under the relevant provision. On identical facts, penalties for AY 2020-21 and AY 2019-20 were deleted, and deletion for AY 2018-19 was affirmed. en-us Tue, 16 Jun 2026 08:32:35 +0530 Tue, 16 Jun 2026 08:32:39 +0530 TaxTMI RSS Generator Specific charge in penalty proceedings for under-reporting or misreporting of income required; vague invocation made penalty unsustainable. https://www.taxtmi.com/highlights?id=100810 Penalty proceedings for alleged under-reporting or misreporting of income failed where the exact statutory limb was not specified. The ITAT treated the sweeping invocation of both limbs as non-application of mind and held the penalty unsustainable under the relevant provision. On identical facts, penalties for AY 2020-21 and AY 2019-20 were deleted, and deletion for AY 2018-19 was affirmed. Highlights Income Tax Tue, 16 Jun 2026 08:32:35 +0530 https://www.taxtmi.com/highlights?id=100810