Section 270A - Underreporting or Misreporting of the Income

This query is : Resolved

yuvak (Querist)
Follow

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

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

04 June 2020 https://taxguru.in/income-tax/penalty-provisions-section-270a.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