https://www.taxtmi.com/caselaws?id=794153 Penalty under section 270A requires a clear and consistent statutory charge, because under-reporting and misreporting carry different consequences. Where the notice alleges under-reporting in consequence of misreporting, but the final penalty is levied only for under-reporting at the applicable rate, the basis of initiation and the basis of levy do not match. The assessee is then not properly informed of the exact case to meet. On that reasoning, the penalty proceedings were treated as vitiated and the penalty order was quashed in favour of the assessee. en-us Thu, 25 Jun 2026 00:00:00 +0530 Wed, 01 Jul 2026 08:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794153 Penalty under section 270A requires a clear and consistent statutory charge, because under-reporting and misreporting carry different consequences. Where the notice alleges under-reporting in consequence of misreporting, but the final penalty is levied only for under-reporting at the applicable rate, the basis of initiation and the basis of levy do not match. The assessee is then not properly informed of the exact case to meet. On that reasoning, the penalty proceedings were treated as vitiated and the penalty order was quashed in favour of the assessee. Case-Laws Income Tax Thu, 25 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794153