Section 270A Penalty Quashed Due to Unspecific Notice on Underreporting or Misreporting

Manish Manohardas Asrani Vs ITO Int Tax Ward (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, ruled in favor of the assessee, Manish Manohardas Asrani, quashing a penalty of ₹44,90,048 levied under Section 270A(8) of the Income Tax Act, 1961. The tribunal held that the penalty notice lacked specificity regarding the charge—whether it pertained to underreporting or misreporting of income. The assessee filed his return of income for the Assessment Year 2019-20, declaring ₹26,35,970 as total income. Following scrutiny proceedings, discrepancies arose concerning salary disclos...