Penalty Upheld for Income Suppression: Documentary Evidence Confirms Underreporting Despite Partner's Retraction of Admission

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....ITAT upheld penalty u/s.270A for underreporting of income based on suppressed sales discovered during survey. Despite partner's initial admission and subsequent retraction, incriminating documents substantiated undisclosed income. The tribunal found no procedural infirmity in penalty imposition, noting the assessee's repeated non-compliance and failure to effectively challenge the revenue's claims. The penalty was directed to be recalculated proportionate to the reduced income quantum, affirming the CIT(A)'s earlier order. The tribunal concluded that the suppressed sales constituted misreporting under section 270A, warranting statutory penalty.....