https://www.taxtmi.com/highlights?id=104993 Disallowance of a cost of improvement claimed in calculating short-term capital gains, merely because contractor-level documentation is incomplete, does not by itself establish misrepresentation or suppression. Where the improvement work is undisputed and the expenditure has been disclosed in the return and supporting particulars, the income cannot be treated as underreported as a consequence of misreporting. Contractor-level evidence may be unjustified for incidental capital expenditure outside the taxpayer's regular business. The penalty for underreported income under section 270A was quashed. en-us Thu, 15 Oct 2026 05:44:05 +0530 Thu, 15 Oct 2026 05:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104993 Disallowance of a cost of improvement claimed in calculating short-term capital gains, merely because contractor-level documentation is incomplete, does not by itself establish misrepresentation or suppression. Where the improvement work is undisputed and the expenditure has been disclosed in the return and supporting particulars, the income cannot be treated as underreported as a consequence of misreporting. Contractor-level evidence may be unjustified for incidental capital expenditure outside the taxpayer's regular business. The penalty for underreported income under section 270A was quashed. Highlights Income Tax Thu, 15 Oct 2026 05:44:05 +0530 https://www.taxtmi.com/highlights?id=104993