Survey surrender characterisation determines whether mixed excess stock and business-linked cash face normal taxation or special deemed-income taxatio...
Amended section 270AA permits waiver applications for penalties imposed for under-reporting arising from misreporting of income, subject to payment of the prescribed additional income tax. The earlier exclusion of misreporting cases does not govern applications under the amended regime. Receipt of a penalty order creates a fresh statutory right to apply within one month from the end of the month of receipt, notwithstanding an earlier application under the former provision. Where the statutory conditions are fulfilled and the applicable appeal period has expired, the Assessing Officer must waive the penalty and grant immunity from specified prosecution proceedings.
Amended section 270AA permits waiver applications for penalties imposed for under-reporting arising from misreporting of income, subject to payment of the prescribed additional income tax. The earlier exclusion of misreporting cases does not govern applications under the amended regime. Receipt of a penalty order creates a fresh statutory right to apply within one month from the end of the month of receipt, notwithstanding an earlier application under the former provision. Where the statutory conditions are fulfilled and the applicable appeal period has expired, the Assessing Officer must waive the penalty and grant immunity from specified prosecution proceedings.
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TaxTMI 
TaxTMI 
