ITAT Quashes Section 270A Penalty as AO Failed to Specify Misreporting Charge

Dowson Technology Pvt. Ltd. Vs DCIT/ ACIT (ITAT Dehradun) The assessee appealed against the order of the Commissioner of Income Tax (Appeals), NFAC, confirming levy of penalty under Section 270A of the Income-tax Act for Assessment Year 2023-24. The Assessing Officer (AO) had originally imposed penalty under Section 270A on the ground of under-reporting of income in consequence of misreporting. The CIT(A) upheld the levy of penalty but changed the charge from “under-reporting in consequence of misreporting” under Section 270A(9) to “under-reporting of income” under Sect...