https://www.taxtmi.com/caselaws?id=470520 Section 270A distinguishes under-reporting of income from misreporting and prescribes separate penalty rates. Misreporting requires identification of an applicable circumstance under section 270A(9), which the penalty order did not establish. The statutory scheme does not contemplate a 100% penalty for under-reporting or misreporting in the manner imposed. The notes state that the penalty was also not exigible on the merits, rendering it unsustainable and liable to be quashed. en-us Fri, 21 Mar 2025 00:00:00 +0530 Wed, 29 Jul 2026 18:59:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470520 Section 270A distinguishes under-reporting of income from misreporting and prescribes separate penalty rates. Misreporting requires identification of an applicable circumstance under section 270A(9), which the penalty order did not establish. The statutory scheme does not contemplate a 100% penalty for under-reporting or misreporting in the manner imposed. The notes state that the penalty was also not exigible on the merits, rendering it unsustainable and liable to be quashed. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470520