https://www.taxtmi.com/caselaws?id=469439 Penalty under section 270A was held not leviable where the addition arose only from a valuation estimate applied to property purchased below guideline value. The under-reported income was computed by comparing the declared sale consideration with the DVO's fair market value estimate, without independent material showing that the assessees actually paid more than what was recorded in the sale deed. Because the income was determined on estimate and the relevant facts were otherwise disclosed, the exclusion in section 270A(6) applied. The ITAT upheld deletion of the penalty, finding no concealment or actual under-reporting apart from the deemed addition. en-us Thu, 06 Mar 2025 00:00:00 +0530 Tue, 16 Jun 2026 17:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469439 Penalty under section 270A was held not leviable where the addition arose only from a valuation estimate applied to property purchased below guideline value. The under-reported income was computed by comparing the declared sale consideration with the DVO's fair market value estimate, without independent material showing that the assessees actually paid more than what was recorded in the sale deed. Because the income was determined on estimate and the relevant facts were otherwise disclosed, the exclusion in section 270A(6) applied. The ITAT upheld deletion of the penalty, finding no concealment or actual under-reporting apart from the deemed addition. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469439