Penalty u/s. 270A quashed as specific limb u/s. 270A(9) not specified

Hi-Tech Engineers Vs ACIT (ITAT Mumbai) ITAT Mumbai held that levy of penalty under section 270A of the Income Tax Act cannot be sustained since specific limb of Section 270A(9) leading to under-reporting of income or mis-reporting of income is not specified. Accordingly, appeal of assessee is allowed. Facts- The Assessee, a partnership firm, under Section 153A of the Act vide Assessment Order, dated 30/09/2021, whereby addition of INR.70,93,473/- was made in the hands of the Assessee under Section 69C of the Income Tax Act. CIT(A) restricted the addition on account of the alleged bogus purch...