Answers On Topic: Section 273A
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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I Have received an order from ADDL/JCIT(A) against my appeal regarding agriculture Income Exempted income but they did not consider that income as business income as per my return submit – Now I want apply to joint commissioner /Principal commissioner to waive of Penalty under the Act 273A/273AA —– Plz suggest me
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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,