Penalty u/s 270A - “underreporting” of income - right to be ...

Income Tax

April 23, 2022

Penalty u/s 270A - “underreporting” of income - right to be granted immunity under Section 270AA - In the present case, the petitioner has satisfied the aforesaid conditions, inasmuch as, (i) the tax has been paid on the additions; (ii) appeal has undisputedly not been filed; and (iii) penalty (as would be evident from the penalty notice) has been initiated on account of “underreporting” of income. - the impugned order under Section 270A of the Act is set aside and the respondents are directed to grant immunity under Section 270AA - HC

View Source

← Previous Next →

Penalty u/s 270A - “underreporting” of income - right to be ...

Income Tax

April 23, 2022

You may also like:

immunity from imposing penalty u/s 270AA - Penalty u/s 270A for failure to file the return of income (ITR) - Under Section 270 AA of the Income Tax Act, immunity from...

Penalty u/s 270A - immunity u/s 270AA - misreporting of income - there is not even a whisper as to which limb of Section 270A of the Act is attracted and how the...

Immunity u/s 270AA - Period of limitation for filing an application - Penalty proceedings u/s 270A - The proviso to Sub-section(4) of Section 270AA of the Act makes it...

Penalty proceedings u/s 270A - under reporting of the income - The Tribunal noted that the issue of depreciation on mining rights was debatable, supported by various...

Insertion of new section 270AA - Immunity from imposition of penalty, etc. - an assessee may make an application to the Assessing Officer for grant of immunity from...

Penalty u/s 270A - under-reporting of income - taxability of interest - Immunity from imposition of penalty u/s 270AA - due to ongoing litigation about the taxability of...

Penalty u/s 270A - under-reporting of income - the assessee’s case would squarely fall under the exception provided u/s 270A(6)(a) wherein, the assessee had given its...

Where an assessee makes an application seeking immunity u/s 270AA, it shall not preclude such assessee from contesting the same issue in any earlier assessment year.

Revision u/s 264 - penalty u/s 270A imposed - waiver of penalty u/s 270AA - The very fact that the indications were made that the matter fall within (a) and (c),...

Levying of penalty u/s 270A - Reasonable belief in claiming deduction which was disallowed - In the present case, neither in the assessment order nor in the subsequent...

Quick Updates: