Notice for Penalty under section 274 read with section 270A of the Income-tax Act,1961

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This discussion provides guidance on responding to a penalty notice issued under Section 274 read with Section 270A of the Income Tax Act, 1961. It outlines steps for replying to a show cause notice, including analysing the assessment order, finding relevant case law, and potentially seeking immunity from penalty by filing Form 68 if tax and interest are paid. If an appeal is filed, the advice is to submit Form 35 and request the Assessing Officer to suspend penalty proceedings.

madhav

madhav (Querist)

10 April 2024 How to reply of the show cause notice for imposing penalty u/s 270A.

Nikhil Kaushik

Nikhil Kaushik (Expert)

10 April 2024 depends on the facts of the case. refer to the issues on which the additions have been made first. then search of caselaws that fit the fact of case.

PARAS CHHAJED

PARAS CHHAJED

(Expert)

11 April 2024 If no appeal is preferred against the assessment order, penalty initiated for underreporting of income (Not misreporting), tax and interest demanded is paid by the due date then file Form 68 seeking immunity from levy of penalty within one month from the end of the month in which assessment order is received. If an appeal is preferred then submit a copy of filed Form 35 and request the AO to keep the penalty proceedings in abeyance till disposal of the appeal by the CIT(A).

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