https://www.taxtmi.com/caselaws?id=793756 Section 270A penalty was sustained for underreporting of income in consequence of misreporting where the assessee failed to disclose capital gains from redemption of mutual funds in the return. The Tribunal treated underreporting as the difference between returned income and assessed income, and held that non-recording of the redemption receipts fell within misreporting under section 270A(9)(e). The plea of inadvertent omission and reliance on the cited Supreme Court decision was rejected because the facts involved non-disclosure of taxable income, not a mere error in making a claim. The penalty was upheld and no relief was granted. en-us Fri, 19 Jun 2026 00:00:00 +0530 Tue, 23 Jun 2026 08:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793756 Section 270A penalty was sustained for underreporting of income in consequence of misreporting where the assessee failed to disclose capital gains from redemption of mutual funds in the return. The Tribunal treated underreporting as the difference between returned income and assessed income, and held that non-recording of the redemption receipts fell within misreporting under section 270A(9)(e). The plea of inadvertent omission and reliance on the cited Supreme Court decision was rejected because the facts involved non-disclosure of taxable income, not a mere error in making a claim. The penalty was upheld and no relief was granted. Case-Laws Income Tax Fri, 19 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793756