An individual has not filed his return u/s 139 of IT Act. Notice was issued to him u/s 148 of IT Act for reopening of his case for assessment and individual has filed his return of Income in response to notice 148 declaring total income of Rs 1340/-. Cash deposit of Rs 20 Lakhs was observed by the department and assessment was completed u/s 147 of IT Act by accepting the return income filed by the individual. The cash deposit was pertaining to agricultural products and the same was deposited in Bank account.
But penalty under section 270A is initiated for under reporting of income.
Whether penalty 270A is leviable as the agriculture income is exempt
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