Section 270A Penalty Quashed: Failure to Specify specific Grounds of Misreporting

Advertisement Kishor Digambar Patil Vs ITO (ITAT Pune) In the consolidated appeals for Assessment Years 2017–18 and 2018–19, Kishor Digambar Patil vs. ITO, the assessee challenged penalty orders passed by the National Faceless Appeal Centre (NFAC) under Section 270A of the Income-tax Act, 1961. The penalties, imposed at 200% of the tax on under-reported income, amounted to ₹1,64,392. These were levied on the basis that the difference between the income reported in response to notice under Section 148 and the revised return filed under Section 139(5) constituted “misreportingR...