Home Highlights March 2016 Year 2016 This

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1. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - the cases of under-reported income falling under misreporting of income shall be...

2. Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...

3. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - tax payable on under-reported income shall be calculated as if such...

4. Penalty imposed u/s 270A(9) for underreporting and misreporting of income was challenged due to non-specification of clear charge. The Tribunal held that underreporting...

5. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - failure to record any receipt in books of account having a bearing on total...

6. Penalty u/s 270A - allegation of misreporting as per section 270A(9) - Penalty @200% in respect of excess claim of depreciation - The tribunal found that the...

7. The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

8. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - no addition or disallowance of an amount shall form the basis for imposition of...

9. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - claim of expenditure not substantiated by any evidence will form misreporting of...

10. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - Appropriate provisions to cover minimum alternate tax and alternate minimum tax cases

11. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - the penalty under the said section shall be imposed by an order in writing.

12. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - Sub-section (6) of the proposed new section seeks to provide that under -...

13. Penalty u/s. 270A - GP estimation - underreporting of income - The AO failed to prove underreporting, and the penalty for underreporting of income u/s 270A cannot be...

14. The case involved penalty proceedings u/s 270A for under-reporting or misreporting of income. The appellant argued that there was no underreporting as the transaction...

15. Penalty u/s 270A and 271AAB - Defective notice u/s 274 - under reporting of income - search and seizure operation - The Tribunal found that the penalty notices under...