Income Misreporting Penalty u/s 270A Overturned Due to Inadequate Justification by Assessing Officer.

Penalty levied u/s 270A - misreporting of income - Since AO failed to bring the addition/disallowance he made in quantum assessment, under the ken of (a) to (f) of the sub-section(9) of section 270A of the Act, the penalty levied for misreporting @ 200% cannot be sustained because it is trite law that penalty provisions have to be strictly interpreted. - AT .....

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