Answers On Topic: Section 270A
There are two parallel proceedings pending against the assessee for Assessment Year 2018–19: Reassessment proceedings under Section 147, and Penalty proceedings for under-reported income under Section 270A. The assessee has already filed an appeal before the Hon’ble CIT(A) against the reassessment order. However, due to serious health issues, the assessee could not file an appeal against the penalty order issued under Section 270A. I seek guidance from the members on the following points: If the alleged under-reported income is deleted by the Hon’ble CIT(A) in the quantum appeal, will the penalty imposed under Section 270A automatically stand deleted to the…
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The Ld AO has initiated penalty proceedings u/s 270A and the operating para reads as under:- " Whereas in the course of proceedings for the Assessment Year 2019-20, it appears that you have under-reported income which is in consequence of misreporting thereof as per details given in the assessment order." Whether the same is considered to be under reporting or misreporting of income?
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Whether in case of donation to political party if the case is taken for assessment or reassessment & the A.O. decides to disallow the donation made & initiates penalty u/s 270A whether the same will be leviable for under-reporting /misreporting i.e. 50% of tax payable or 200% of tax payable. Whether it will be the amount of tax & surcharge only or it will include the amount of interest.
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WHETHER PENALTY PROCEEDINGS INITIATED UNDER SECTION.274 READ WITH SECTION.270A OF THE INCOME TAX ACT,1961 IN CASE THE INCOME TAX RETURN IS FILED UNDER SECTION.148 IS LEGALLY TENABLE
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The assessee had not filed the ITR for the AY.2019-20 either u/s 139 or in response to notice u/s 148. In the assessment major addition of Rs.58,00,000/- was made under 69A and penalty u/s 271AAC was levied on it. In addition to this bank interest of Rs.12,000/- was added and penalty notice u/s 270A issued twards under reporting of income. In such cases what is the under reporting income , whether it is Rs.58,12,000/- or Rs.12,000/- . If it is Rs.58,12,000/- the penalty u/s 271AAC was already charged on Rs.58,00,000/- and charging again u/s 270A is not tenable, because the…
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What arguments I can take in Reply to Penalty Notice u/s 270A. My case was pending before CIT (A) on issue of disallowance u/s 36(1)(va). Subsequently my appeal was dismissed by CIT (A) in view of judgement by Hon'ble SC in case of Checkmate Services Pvt Ltd. Now the Income Tax Department has initiated the Penalty Proceedings u/s 270A for under reporting of income.
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Can AO invoke provision of section 270A just because tax at higher rate is applied by him u/s 115BBE and no addition to income is made on income declared is offered at normal rate ?
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Query on Parallel proceedings under Sec 147 and 270A