Month: November 2019

CA Sunil Maloo has explained the provisions of section 270A, which levies penalty for “underreporting” and “misreporting” of income, in a detailed manner. He has referred to important judicial precedents to support his contentions. He has argued that Sections 270A and 270AA serve two purposes of the Legislation, namely, that of punishing the wrongdoers and also providing immunity to occasional and unintentional defaulters

Sh. Krishna Mohan Prasad, the Pr. DGIT, has argued with conviction that the Department should accept the orders of the CsIT(A) which are in favour of the taxpayer and not file appeals against them. He has explained that if the Government is reconciled to trusting taxpayers and accepting 99% of the returns without any scrutiny, there is no reason why a judicial decision given in favour of the taxpayer by a senior official of the Department should not be accepted