https://www.taxtmi.com/caselaws?id=471044 Penalties for underreporting income due to misreporting cannot be sustained where the penalty proceedings fail to identify the specific statutory limb of misreporting. Excess deductions and house-property losses claimed on tax advice were corrected by repayment of the excess refund with interest before reassessment notices, and revised returns reporting correct income were accepted. Coordinate-bench reasoning treats non-specification of the relevant misreporting clause as fatal, particularly where correct tax is paid before Revenue detection. The penalties under section 270A were therefore directed to be deleted. en-us Thu, 14 May 2026 00:00:00 +0530 Tue, 18 Aug 2026 21:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471044 Penalties for underreporting income due to misreporting cannot be sustained where the penalty proceedings fail to identify the specific statutory limb of misreporting. Excess deductions and house-property losses claimed on tax advice were corrected by repayment of the excess refund with interest before reassessment notices, and revised returns reporting correct income were accepted. Coordinate-bench reasoning treats non-specification of the relevant misreporting clause as fatal, particularly where correct tax is paid before Revenue detection. The penalties under section 270A were therefore directed to be deleted. Case-Laws Income Tax Thu, 14 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471044