{"id":57438,"date":"2025-11-28T17:14:44","date_gmt":"2025-11-28T11:44:44","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=57438"},"modified":"2025-11-28T17:14:44","modified_gmt":"2025-11-28T11:44:44","slug":"penalty-proceeding-u-s270a-after-assessment-u-s-1433","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/penalty-proceeding-u-s270a-after-assessment-u-s-1433\/","title":{"rendered":"Penalty Proceeding u\/s270A after assessment u\/s 143(3)."},"content":{"rendered":"<p>Assessee is a Company.<\/p>\n<p>Initially Income returned furnishing LTCG- (3,01,10,469)<\/p>\n<p>Later on return revised and LTCG furnished- (3,09,91,066)<\/p>\n<p>Scrutiny assessment made and Income Computed-8,80,600 i,e difference amount of above 2 figures.<\/p>\n<p><strong>Details of Scrutiny assessment<\/strong>:<\/p>\n<p>Assessees Submission- Sale of Property Rs. 7,07,72,924<\/p>\n<p>Cost Price\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Rs. 3,40,56,800<\/p>\n<p>Cost of Improvement Rs. 6,77,07,191<\/p>\n<p>Indexed cost of Acq &amp; Imprv. Rs. 10,17,63,991<\/p>\n<p>Long Term Capital Loss Rs. 3,09,91,067<\/p>\n<p>AO Reply\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 &#8211; Cost of Improvements were disallowed citing non submission of proof of expenditure although proof submitted(except few).<\/p>\n<p>Total Tax\u00a0 claimed in scrutiny assessment was Rs. 1,83,165 which was covered by TDS claim of Assessee thereby arriving at a refund of Rs. 70,175. There was no mention of Penalty\u00a0 proceedings u\/s 270A in the Scrutiny assessment<\/p>\n<p>On a latter date penalty proceeding initiated citing under reporting of income of Rs. 3,09,91,067 (Which is the Long Term Capital Loss itself) and huge penalty imposed through demand u\/s 156.<\/p>\n<p>Latest Situation of the Case: Appeal Filed.<\/p>\n<p>What would be the future course of action and what are the supporting case laws that could be submitted in appeal<\/p>\n<p>Please Help.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[1275],"qa_category":[23],"qa_tag":[149],"class_list":["post-57438","qa","type-qa","status-publish","hentry","qa_expert-law-intern","qa_category-income-tax","qa_tag-penalty"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/57438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=57438"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=57438"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=57438"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=57438"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=57438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}