Section 270A - Underreporting or Misreporting of the Income
This query is : Resolved
26 December 2019
I have a few queries on this new section which is applicable for AY 2017-18
1. Whether 270A is to be imposed for each Income item of Under-reporting separately or Cumulatively for Taxable Income of the AY?
2. If an Income item is stated by the AO as Under-reporting and added to the Computation but a deduction is claimed and allowed during same assessment resulting into NO CHANGE in TAXABLE INCOME. Then is 270A leviable?
3. If a particular issue (deduction or allowance or calculation method) is a matter of litigation before judicial authority (either in assessee's own case or otherwise in general), then the assessee will always consider the same in his favor during ITR filing. However, during assessment, the IT department will consider it OTHERWISE, resulting into a Under-reporting, and automatic 270A liability?
4. If the Assessment Order erroneously states penalty u/s 271(1)(c) for AY 2017-18, then will it be considered as 'Bad in Law' and automatically the levy of 270A be void?
Thanks in advance
CA Yuvak Mangaonkar
1. Whether 270A is to be imposed for each Income item of Under-reporting separately or Cumulatively for Taxable Income of the AY?
2. If an Income item is stated by the AO as Under-reporting and added to the Computation but a deduction is claimed and allowed during same assessment resulting into NO CHANGE in TAXABLE INCOME. Then is 270A leviable?
3. If a particular issue (deduction or allowance or calculation method) is a matter of litigation before judicial authority (either in assessee's own case or otherwise in general), then the assessee will always consider the same in his favor during ITR filing. However, during assessment, the IT department will consider it OTHERWISE, resulting into a Under-reporting, and automatic 270A liability?
4. If the Assessment Order erroneously states penalty u/s 271(1)(c) for AY 2017-18, then will it be considered as 'Bad in Law' and automatically the levy of 270A be void?
Thanks in advance
CA Yuvak Mangaonkar
04 June 2020
https://taxguru.in/income-tax/penalty-provisions-section-270a.html
https://taxguru.in/income-tax/penalty-sec-270a-concealment-reporting.html
https://taxguru.in/income-tax/penalty-sec-270a-concealment-reporting.html
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Visiting card purchase
- Wrong CMPo8 file
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
