Section 270A Imposes Penalties for Income Misreporting, Exempts Cases Already Penalized in Same or Different Year.

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....Insertion of new section 270A - Penalty for underreporting and misreporting of income. - no addition or disallowance of an amount shall form the basis for imposition of penalty, if such addition or disallowance has formed the basis of imposition of penalty in the case of the person for the same or any other assessment year.....