Answers On Topic: under reporting
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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Is levy of penalty is justifiable on disallowance u/s 36(1)(va) after terming it as Under reporting of income.
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whether ratio of 280 Taxman 334 / 125 taxmann.com 253 (Panji)(FB) ( Bom) (HC) apply to 270A as well ?
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As per Bombay H.C. (Goa Bench)(Full Bench) in Mr. Mohd. Farhan A. Shaikh in T.A. M 51 & 57 of 2012 and many other decisions of ITAT, No penalty u/s 271(1)(c) is leviable if - In Notice u/s 271(1)(c) - Irrelevant part not strike off. In penalty notice u/s 270 A - under reporting of Income or misreporting of income not strike off. But in the body of assessment order initiation of penalty is for under- reporting of income. Query- Whether the aforesaid decision of Hon'able Bombay HC will be equally applicable in penalty u/s 270A ?
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