https://www.taxtmi.com/caselaws?id=801065 Misreporting penalties require a precise charge in the penalty notice; a notice alleging only under-reporting cannot support a penalty imposed for under-reporting arising from misreporting. A deduction claim that is fully disclosed, bona fide and debatable, particularly amid conflicting judicial views, falls outside misreporting unless it is shown to meet a specified statutory category. Where the taxpayer discloses all material facts and gives a bona fide explanation, the under-reported-income exclusion applies, so a penalty founded on disallowance of that claim lacks statutory basis. en-us Tue, 29 Sep 2026 00:00:00 +0530 Thu, 15 Oct 2026 05:44:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801065 Misreporting penalties require a precise charge in the penalty notice; a notice alleging only under-reporting cannot support a penalty imposed for under-reporting arising from misreporting. A deduction claim that is fully disclosed, bona fide and debatable, particularly amid conflicting judicial views, falls outside misreporting unless it is shown to meet a specified statutory category. Where the taxpayer discloses all material facts and gives a bona fide explanation, the under-reported-income exclusion applies, so a penalty founded on disallowance of that claim lacks statutory basis. Case-Laws Income Tax Tue, 29 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801065