https://www.taxtmi.com/caselaws?id=798552 Penalty for under-reporting of income was not leviable where the income returned in response to a reassessment notice was accepted without any addition. The penalty order failed to identify how the accepted returned income constituted under-reporting. Consistent treatment was required because penalty had been dropped on identical facts for an earlier assessment year. The circumstances also fell within the exclusion for a bona fide explanation accompanied by full disclosure of material facts. The penalty was therefore directed to be deleted. en-us Wed, 18 Feb 2026 00:00:00 +0530 Wed, 09 Sep 2026 08:20:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798552 Penalty for under-reporting of income was not leviable where the income returned in response to a reassessment notice was accepted without any addition. The penalty order failed to identify how the accepted returned income constituted under-reporting. Consistent treatment was required because penalty had been dropped on identical facts for an earlier assessment year. The circumstances also fell within the exclusion for a bona fide explanation accompanied by full disclosure of material facts. The penalty was therefore directed to be deleted. Case-Laws Income Tax Wed, 18 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798552