Penalty for under-reporting and misreporting: enhanced penalties apply where misreporting increases the tax payable under income tax rules. Section 270A establishes a penalty for under-reported income, defining under-reporting through comparisons between assessed, reassessed or return-processed incomes and deeming rules where deemed total income provisions apply; it prescribes methods to compute under-reported income and tax thereon, provides exclusions for bona fide explanations and certain estimates and transfer pricing conformity, attributes undeclared receipts to prior years where relevant, lists specified acts constituting misreporting, and mandates written orders imposing general or enhanced penalties based on the tax on under-reported income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for under-reporting and misreporting: enhanced penalties apply where misreporting increases the tax payable under income tax rules.
Section 270A establishes a penalty for under-reported income, defining under-reporting through comparisons between assessed, reassessed or return-processed incomes and deeming rules where deemed total income provisions apply; it prescribes methods to compute under-reported income and tax thereon, provides exclusions for bona fide explanations and certain estimates and transfer pricing conformity, attributes undeclared receipts to prior years where relevant, lists specified acts constituting misreporting, and mandates written orders imposing general or enhanced penalties based on the tax on under-reported income.
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