https://www.taxtmi.com/article/detailed?id=9156 The statute substitutes the earlier dual-charge penalty with a single framework focused on under-reporting of income and an aggravated category of misreporting of income. Penalty arises where assessed or reassessed income exceeds amounts determined on processing or in return, in assessments after non filing, by deemed income provisions, or where assessed income converts declared losses. The provision prescribes methods to quantify under reported income, identifies exclusions including bona fide explanations and compliant transfer pricing adjustments, and lists defined acts constituting misreporting, while preserving prosecutorial discretion and noting interactions with separate search related penalty provisions. en-us Thu, 07 May 2020 09:03:52 +0530 Thu, 07 May 2020 09:03:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9156 The statute substitutes the earlier dual-charge penalty with a single framework focused on under-reporting of income and an aggravated category of misreporting of income. Penalty arises where assessed or reassessed income exceeds amounts determined on processing or in return, in assessments after non filing, by deemed income provisions, or where assessed income converts declared losses. The provision prescribes methods to quantify under reported income, identifies exclusions including bona fide explanations and compliant transfer pricing adjustments, and lists defined acts constituting misreporting, while preserving prosecutorial discretion and noting interactions with separate search related penalty provisions. Articles Income Tax Thu, 07 May 2020 09:03:52 +0530 https://www.taxtmi.com/article/detailed?id=9156