ITAT Quashes Section 270A Penalty as AO Failed to Specify Exact Clause

Divya Burman Vs Assessment Unit (ITAT Delhi) Penalty under section 270A is unsustainable if the Assessing Officer fails to specify the exact statutory clause of section 270A(2) invoked for under-reporting or misreporting of income, either in the penalty notice or in the penalty order. The ITAT Delhi in Divya Burman Vs Assessment Unit held that penalty proceedings under Section 270A of the Income Tax Act are invalid if the Assessing Officer fails to specify the exact statutory clause of Section 270A(2) invoked for under-reporting or misreporting of income. The assessee had disclosed long-term c...