Penalty u/s 270A - “under reporting” of the income - The ...

No Penalty for Income Misclassification: Assessee's Rental Income Reclassification u/s 270A Deemed Valid Explanation.

October 21, 2023

Case Laws Income Tax AT

Penalty u/s 270A - “under reporting” of the income - The assessee has not under reported any income. The addition has arisen on account of change in head of income. We notice that the assessee has offered an explanation as to why it reported the rental income under the head Income from House property and the said explanation is not found to be false. - No penalty - AT

View Source

← Previous Next →

Penalty u/s 270A - “under reporting” of the income - The ...

No Penalty for Income Misclassification: Assessee's Rental Income Reclassification u/s 270A Deemed Valid Explanation.

October 21, 2023

Case Laws Income Tax AT

You may also like:

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

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

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...

Penalty u/s 270A levied for assessee's willful misreporting of income by claiming both capital expenses and depreciation as application of income. ITAT held mens rea not...

Penalty u/s 270A was imposed by disallowing 30% of indexed cost of development expenses concerning Long Term Capital Gain offered by the assessee due to failure to...

The Tribunal allowed the assessee's appeal and held that the penalty u/s 270A for under-reporting of income was not justified. The assessee had offered an additional...

Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered 100% rental income for AY 2014-15 erroneously, rectified in...

The Appellate Tribunal considered the levy of penalty u/s 270A. The Assessing Officer (AO) imposed the penalty u/s 270A(9)(a) for misrepresentation of facts and...

ITAT held that no specific charge was framed against the assessee in the show-cause notice issued u/s 274 read with Section 270A for misreporting of income. While the...

Penalty levied u/s 270A - misreporting of income un/s 270A(8) and 270A(9) or not - Assessee filed the ITR after search conducted on third party but before the due date...

Levy of penalty u/s 270A r.w.s. 274 - misreporting of income on the addition of leave encashment - levy of penalty is not automatic on mere making addition, if the...

Rental income earned by assessee should be assessed as income from house property, not business income. AO failed to highlight aspects indicating rental income was...

The Appellate Tribunal considered two issues: Penalty u/s 271(1)(c) and u/s 270A. For the first, the Tribunal found the penalty notice defective as it did not specify...

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...

Levy of penalty u/s 270A - Failure to offer the interest on income tax refund subject to tax - the explanation of the assessee for not offering the interest on income...

Quick Updates: