https://www.taxtmi.com/acts?id=21415 Penalty is leviable where a person has under-reported income during proceedings under the Income-tax Act, 1961, and the provision defines the circumstances in which income is treated as under-reported, including assessed income exceeding returned income, reassessment creating additional income, deemed total income under the special regime, and assessment reducing a loss or converting a loss into income. The section prescribes how under-reported income is quantified, excludes bona fide explanations and specified estimation or transfer pricing cases, and treats prior-year additions or deductions as under-reported income to the extent needed to cover a receipt, deposit, or investment. en-us Mon, 16 May 2016 20:21:41 +0530 Tue, 31 Mar 2026 18:00:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=21415 Penalty is leviable where a person has under-reported income during proceedings under the Income-tax Act, 1961, and the provision defines the circumstances in which income is treated as under-reported, including assessed income exceeding returned income, reassessment creating additional income, deemed total income under the special regime, and assessment reducing a loss or converting a loss into income. The section prescribes how under-reported income is quantified, excludes bona fide explanations and specified estimation or transfer pricing cases, and treats prior-year additions or deductions as under-reported income to the extent needed to cover a receipt, deposit, or investment. Act-Rules Income Tax Mon, 16 May 2016 20:21:41 +0530 https://www.taxtmi.com/acts?id=21415