Assessee disclosed interest and miscellaneous income in its accounts and in original return with full details. Due to ongoing litigation about taxability of income and misconception of law, assessee claiming exemption thereof. Assessee filing revised return, and offering income to tax during assessment proceedings. Neither a case of under-reporting nor misreporting of income. Penalty is not sustainable. (AY.2018-19)
Greenwoods Government Officers Welfare Society v. Dy. CIT (2023) 107 ITR 81 (SN)/226 TTJ 928 (Delhi)(Trib.)
S. 270A : Penalty for under-reporting and misreporting of income-Notice not mentioning under which limb of section notice issued-Proceedings unsustainable. [S.270A(9)]