In a assessment order passed by ITO ito mentioned penalty for misreporting of income in place of under reporting of income. Then what to do.. ITO Disallowed cash expenses u/s 40(a) and treat as misreporting of income. penalty for under reporting of income is 50% and for misreporting is 200%. and there is no immunity available for misreporting penalty..
Then what to do IF ITO levied wrong penalty in assessment order..
Submit a reply against the same. Try to obtain evidences against the cash expenses. If they are genuine try to connect them with the business nature and give a detailed explanation. This might help you and turn down to under reporting of income.
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
Karia Overseas
Ahmedabad
CA
View Details
R P S K & Associates
Nashik
CA Inter
View Details
CAclubindia
