https://www.taxtmi.com/caselaws?id=798584 Penalty for under-reporting of income under section 270A does not apply where a Government company's delayed return resulted from mandatory and supplementary audit requirements, its explanation was bona fide, and all material facts were disclosed. The accounts could not be finalised and adopted by the original filing due date. After a reassessment notice, the company filed its return, fully explained deposit sources and interest treatment with supporting records, and the assessment accepted the returned income without additions. The declared income was therefore not under-reported income, making the penalty unsustainable. en-us Thu, 03 Sep 2026 00:00:00 +0530 Wed, 09 Sep 2026 08:20:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798584 Penalty for under-reporting of income under section 270A does not apply where a Government company's delayed return resulted from mandatory and supplementary audit requirements, its explanation was bona fide, and all material facts were disclosed. The accounts could not be finalised and adopted by the original filing due date. After a reassessment notice, the company filed its return, fully explained deposit sources and interest treatment with supporting records, and the assessment accepted the returned income without additions. The declared income was therefore not under-reported income, making the penalty unsustainable. Case-Laws Income Tax Thu, 03 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798584