https://www.taxtmi.com/caselaws?id=469424 Penalty under section 270A was not leviable where the assessee disclosed all material facts, gave a bona fide explanation for the lower purchase consideration, and supported it with approvals and documents showing an obligation to demolish the existing factory structure. The addition was not treated as under-reported income because the explanation was neither false nor unsupported, attracting the exclusion in section 270A(6)(a). The adjustment also rested on estimation of fair market value, bringing it within section 270A(6)(c). Payment of the additional tax within 30 days further supported deletion of the penalty. en-us Fri, 08 Mar 2024 00:00:00 +0530 Wed, 17 Jun 2026 10:52:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469424 Penalty under section 270A was not leviable where the assessee disclosed all material facts, gave a bona fide explanation for the lower purchase consideration, and supported it with approvals and documents showing an obligation to demolish the existing factory structure. The addition was not treated as under-reported income because the explanation was neither false nor unsupported, attracting the exclusion in section 270A(6)(a). The adjustment also rested on estimation of fair market value, bringing it within section 270A(6)(c). Payment of the additional tax within 30 days further supported deletion of the penalty. Case-Laws IBC Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469424