https://www.taxtmi.com/caselaws?id=795066 Penalty exclusion for under-reported income requires a substantiated bona fide explanation and disclosure of all material facts. The notes state that unchanged bank-reported gross interest in the original and updated Form 26AS, and interest declared below the original Form 26AS figure, did not establish a bona fide omission; exclusion was therefore unavailable. Immunity from penalty also requires a timely Form No. 68 application under the statutory mechanism. A form filed after the penalty order, rather than during penalty proceedings, could not be maintained, and immunity was unavailable. The statutory protections for bona fide explanations and penalty immunity did not apply on the stated facts. en-us Wed, 17 Jun 2026 00:00:00 +0530 Thu, 16 Jul 2026 09:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795066 Penalty exclusion for under-reported income requires a substantiated bona fide explanation and disclosure of all material facts. The notes state that unchanged bank-reported gross interest in the original and updated Form 26AS, and interest declared below the original Form 26AS figure, did not establish a bona fide omission; exclusion was therefore unavailable. Immunity from penalty also requires a timely Form No. 68 application under the statutory mechanism. A form filed after the penalty order, rather than during penalty proceedings, could not be maintained, and immunity was unavailable. The statutory protections for bona fide explanations and penalty immunity did not apply on the stated facts. Case-Laws Income Tax Wed, 17 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795066