No penalty for income under-reporting when all facts disclosed to tax officer: ITAT.

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....The Income Tax Appellate Tribunal allowed the assessee's appeal against the penalty levied u/s 270A. The Tribunal held that it was not a case of misrepresentation or suppression of facts, as the assessee had duly disclosed all relevant facts before the Assessing Officer and in the return of income. The Tribunal emphasized that for levying penalty u/s 270A, the Assessing Officer must establish misreporting of income under the specific clauses of sub-section (9) of Section 270A, which was not done in this case. The assessee's belief regarding the applicability of exemption u/s 54F was bona fide, and there was no question of misrepresentation or suppression of facts when all facts were duly stated and reported.....