No penalty can be imposed u/s 271 for the AY 2017-18 onward, therefore AO cannot invoked provision of section 271 for the income declared for AY 2017-18.
Penalty u/s 270A can be imposed if authority found that assessee under reported its income. In absence of any provision in section 270A under which it can be said that assessee under reported its income in circumstances where assessee declares income in return filed by it but source of the same cannot explained, no penalty can be imposed u/s 270A.
In my opinion there is no other provision under which AO can impose penalty.
Legal consequence other than income tax may be arise in absence of explanation about source of income. (Enforcement Director, Money Laundering etc.)
Penalty u/s 270A can be imposed if authority found that assessee under reported its income. In absence of any provision in section 270A under which it can be said that assessee under reported its income in circumstances where assessee declares income in return filed by it but source of the same cannot explained, no penalty can be imposed u/s 270A.
In my opinion there is no other provision under which AO can impose penalty.
Legal consequence other than income tax may be arise in absence of explanation about source of income. (Enforcement Director, Money Laundering etc.)