AO having quantified assessee\u2019s undisclosed income in the assessment under S. 153A by applying gross profit rate to unaccounted sales which was more than the income admitted in the return, sub-s. (9) of s. 270A is not invocable as the case does not fall in any of sub-clauses of sub-s. (2) of s. 270A and therefore, the direction given by the Principal CIT to the AO to invoke the penalty provisions under s. 270A(9)(e) on the entire amount of said estimated undisclosed income is bad in law. (AY. 2020-21)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263: Commissioner-Revision of orders prejudicial to revenue-Penalty for under-reporting and misreporting of income-Direction of CIT to invoke the applicable penalty provisions under section 270A(9)(e) on the entire amount of estimated undisclosed income is bad in law. [S.153A, 270A(2), 270A(9)(e)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61587","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-g1l","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=61587"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61587\/revisions"}],"predecessor-version":[{"id":61588,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61587\/revisions\/61588"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}