https://www.taxtmi.com/caselaws?id=793660 Penalty under section 270A cannot be sustained where the quantum addition is made only on estimate after rejection of books, because the assessed income is not determined by a precise finding of suppression; the penalty was deleted. Penalty proceedings are also unsustainable when the notice and order do not specify the exact limb of section 270A, including the basis for invoking misreporting under subsection (9), since under-reporting and misreporting are distinct and a vague charge fails to put the assessee on proper notice; the penalty was deleted. en-us Thu, 18 Jun 2026 00:00:00 +0530 Sat, 20 Jun 2026 08:04:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793660 Penalty under section 270A cannot be sustained where the quantum addition is made only on estimate after rejection of books, because the assessed income is not determined by a precise finding of suppression; the penalty was deleted. Penalty proceedings are also unsustainable when the notice and order do not specify the exact limb of section 270A, including the basis for invoking misreporting under subsection (9), since under-reporting and misreporting are distinct and a vague charge fails to put the assessee on proper notice; the penalty was deleted. Case-Laws Income Tax Thu, 18 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793660