Section 270A Penalty Deleted as AO Failed to Specify Under-Reporting or Misreporting Charge

ACIT Vs Nawazuddin Nawabuddin Siddiqui (ITAT Mumbai) The Revenue appealed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, which had deleted the penalty imposed under Section 270A of the Income-tax Act for the assessment year 2019-20. The Revenue contended that the assessee had failed to file a return of income under Section 139(1), filed the return only after issuance of a notice under Section 148, and was therefore liable for penalty on account of under-reporting of income under Section 270A. The assessee had not filed a return of income for the...