Penalty under Section 270 A upheld

The Hyderabad Bench of the Income Tax Appellate Tribunal has upheld penalty under Section 270A of the Income-tax Act for misreporting of income, holding that the assessee's failure to disclose capital gains arising from redemption of mutual funds constituted a clear case of under-reporting resulting from misreporting. 

The Tribunal clarified that voluntary acceptance of the addition during assessment and subsequent payment of tax do not absolve an assessee from penalty where the omission relates to non-disclosure of taxable receipts.