Section 270A penalty is unsustainable if underlying addition is deleted, unfinalized, or lack misreporting proof.
Section 270A penalty is unsustainable if underlying addition is deleted, unfinalized, or lack misreporting proof. Issue Whether penalty levied under Section 270A of the Income-tax Act, 1961 for AY 2019-20 is sustainable when underlying additions are deleted, remanded for verification, based on bona fide claims, or where misreporting is vaguely alleged without applying prescribed rates.… Read More »