ITAT Mumbai: Section 270A Penalty Quashed – Vague Notice Without Specific Charge Invalid

Monisha Ravi Jaising Vs ACIT (ITAT Mumbai) ITAT Mumbai: Section 270A Penalty Quashed – Vague Notice Without Specific Charge Invalid In this case, the ITAT Mumbai deleted a hefty penalty of ₹3.22 crore levied u/s 270A on alleged under-reporting/misreporting of LTCG arising from sale of property. The Tribunal did not go into merits of capital gains taxability and instead decided the case on a fundamental legal defect—the penalty notice and order failed to specify the exact limb of “misreporting” under Section 270A(9). It was observed that: Section 270A(9) provides specific categories ...