https://www.taxtmi.com/caselaws?id=472378 Penalty for under-reporting or misreporting income does not apply where an assessee gives a bona fide explanation and fully discloses all material facts substantiating it. A gratuity provision disallowable under Section 40A(7) had been expressly disclosed in Form 3CD, but was inadvertently not added back in the return. This disclosure established that no material facts were concealed or withheld. The omitted disallowance therefore fell within the Section 270A(6)(a) exception, and no penalty under Section 270A was leviable. en-us Thu, 05 Dec 2024 00:00:00 +0530 Fri, 09 Oct 2026 21:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472378 Penalty for under-reporting or misreporting income does not apply where an assessee gives a bona fide explanation and fully discloses all material facts substantiating it. A gratuity provision disallowable under Section 40A(7) had been expressly disclosed in Form 3CD, but was inadvertently not added back in the return. This disclosure established that no material facts were concealed or withheld. The omitted disallowance therefore fell within the Section 270A(6)(a) exception, and no penalty under Section 270A was leviable. Case-Laws Income Tax Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472378