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58. TS-1543-ITAT-2026 (Mum.)
Amita Suresh Shah v. ITO
A.Y.: 2018-19 Date of Order: 18.09.2026
Section: 270A, 271AAC
Penalty levied under section 271AAC(1) cannot be sustained where assessment order repeatedly mentions section 270A and records satisfaction about assessee having misreported the income and even the concluding direction in the order is to initiate penalty under section 270A without any mention of satisfaction for initiation of penalty under section 271AAC(1) of the Act. Reference to section 270A, in such a case, cannot be brushed aside as a typographical error.
FACTS
The assessment of total income of the assessee, a non-resident individual, was completed under section 144 read with section 147 of the Act in determining the total income at ₹35,83,500. Although initially, the Assessing Officer (AO) referred to the provisions of section 56(2)(x), he ultimately added a sum of ₹35,83,500 as unexplained investment under section 69 of the Act. While making the addition, the AO mentioned that he is initiating penalty under section 270A of the Act for misreporting of income. The assessment order concluded with a direct
