Answers On Topic: Section 270A
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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Applicability of Sec.270A