https://www.taxtmi.com/caselaws?id=795066 Exclusion from under-reported income requires a bona fide explanation supported by disclosure of all material facts. Where bank-reported gross interest remained unchanged in the original and updated Form 26AS, and the return disclosed less interest than even the original Form 26AS, no substantiated bona fide omission arose under Section 270A(6)(a); penalty exclusion was unavailable. Immunity from penalty also requires a timely Form No. 68 application under Section 270AA(2). Filing the application after the penalty order, rather than during penalty proceedings, rendered it unsustainable. Statutory protection was therefore unavailable for the unreported interest income. 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 Exclusion from under-reported income requires a bona fide explanation supported by disclosure of all material facts. Where bank-reported gross interest remained unchanged in the original and updated Form 26AS, and the return disclosed less interest than even the original Form 26AS, no substantiated bona fide omission arose under Section 270A(6)(a); penalty exclusion was unavailable. Immunity from penalty also requires a timely Form No. 68 application under Section 270AA(2). Filing the application after the penalty order, rather than during penalty proceedings, rendered it unsustainable. Statutory protection was therefore unavailable for the unreported interest income. Case-Laws Income Tax Wed, 17 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795066