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
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
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
