Section 270A set aside as charge of under reporting or mis-reporting of income not clarified

Nateshan Sampath Vs DCIT (ITAT Bangalore) ITAT Bangalore held the imposition of penalty under section 270A of the Income Tax Act is not sustainable since charge of under reporting or mis-reporting not clarified. Thus, penalty cannot be imposed in a light hearted manner or in routine manner. Facts- The case was reopened on the basis of information flagged by Insight Portal that the assessee has received interest of 0.18 lakhs, received contractual receipt of Rs.176.81 lakhs, sold property for a total consideration of Rs.126.93 lakhs and paid Rs.1,000/- to non- residents. Accordingly, notice u/s...