Answers On Topic: S.270AA
the faceless assessing authority has rejected the claim of the assessee and levied tax stating there is under reported income and also issued a penalty notice under section 270A of Income tax act, 1961 for the assessment year 2024-2025. Since tax levied is on underreporting of income, immunity under section 270AA of the income tax act is not applicable. Whether the assessing officer can waive the penalty under section 273 of Income Tax Act. if any case laws are there please specify
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One of my friend filed the return for the income tax and got the refund . The case got selected got scrutiny and they have disallowed the amount which is almost 6.5 lacs.they have stated that under reporting due to misreporting of an income which is 200%. I have paid the tax and interest agreeing to them as I am not aware of it. After that they have initatiated penalty of 200% which is almost 4.08 lacs. whether there is any chance of prosecution. Most of the things are misreported. I am salary assessed . Some CA,s are telling that…
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whether the assessing officer has got power to not to levy penalty under section 270A in case of under reported income, if the tax payer has paid the tax within one month,