2026 (7) TMI 39

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....nt year 2022-23. 2. In this appeal, the assessee has raised the following grounds: - 1. The learned Commissioner of Income-tax (Appeals) has erred in law and on facts in confirming the penalty of Rs.6,77,651 levied under Section 270A of the Act, which is illegal, arbitrary and liable to be deleted. 2. The learned CIT(A) has grossly erred in holding that the appellant's case falls under "misreporting of income" as defined under Section 270A(9), without recording any specific, clear or sustainable finding bringing the case within any of the clauses of misreporting prescribed under the Act. 3. The learned CIT(A) failed to appreciate that the Assessing Officer himself levied penalty only at 50%, which applies to "u....

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....ed in law in shifting the burden upon the appellant, whereas the burden to establish misreporting under Section 270A(9) squarely lies on the Revenue, which has not been discharged. 10. The penalty confirmed is excessive, unjustified and contrary to the scheme and object of Section 270A, which does not contemplate automatic levy of penalty in every case of addition and disallowance. 11. The appellant craves leave to add to, amend, alter or withdraw any of the above grounds at or before the time of hearing. 3. The solitary grievance of the assessee is against the levy of penalty under section 270A of the Act. 4. We have considered the submissions of both sides and perused the material available on record. The brief fac....

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.... the learned CIT(A) in quantum proceedings. It was further submitted that the proceedings for the levy of penalty under section 270A of the Act were initiated on the basis that the assessee had under-reported its income, which is in consequence of misreporting thereof. However, the penalty was ultimately levied @50% for under-reporting of income. Thus, the learned AR submitted that the penalty in the present case is vague. 7. On the other hand, the learned Departmental Representative vehemently relied upon the order passed by the lower authorities. 8. Having considered the submissions of both sides and perused the material available on record, we find that, as per the provisions of section 270A of the Act, a penalty is levied for unde....