Penalty under Section 270A quashed where notice failed to specify whether default was under-reporting or misreporting

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....ITAT held that penalty under s.270A was unsustainable and set aside because the AO, in the s.274 notice and penalty order, failed to specify the precise default-whether "under-reporting" or "under-reporting as a consequence of misreporting"-each attracting distinct penal consequences and rates; issuance of a notice alleging both distinct defaults rendered the proceedings void ab initio. Given the absence of identification of the exact charge, the penalty could not be validly levied. Accordingly, the assessee's appeal was allowed and the penalty order annulled.....