Tribunal Overturns 200% Penalty for Income Misreporting Due to Vague Notice Lacking Clear Charge Specification.

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....Penalty imposed u/s 270A(9) for underreporting and misreporting of income was challenged due to non-specification of clear charge. The Tribunal held that underreporting and misreporting have different connotations and consequences. In the notices issued u/s 274 read with Section 270A, no specific charge or limb was specified. The Tribunal observed that the Delhi High Court in Schneider Electric South East Asia (HQ) had dealt with a case where the ingredients of sub-section 9 of Section 270A were not specified while imposing the penalty, ultimately affirming the deletion of the penalty. In the present case, the Assessing Officer initiated penalty proceedings u/s 270A without mentioning any sub-clause or specifying the limb for levying the pr.........