Tax Penalty Overturned: Officer Failed to Record Reasons for Rejecting Explanation on Misreported Income.

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....Penalty levied u/s 270A - AO has simply recorded that 200% of penalty has been levied for the tax payable on mis-reporting of income. When the assessee has furnished his explanation in response to the show-cause notice, it is the duty of the Assessing Officer to consider and record as to why the reply is not acceptable. - Penalty deleted - AT....