2021 (11) TMI 330

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.... SRI. JOSE JOSEPH, SC JUDGMENT BECHU KURIAN THOMAS, J. Petitioner, an assessee under the Income Tax Act (for short, 'the Act), challenges an order issued under Section 270A of the Act imposing penalty of Rs. 42,24,835/- being 50% of the tax for the under reported income relating to the assessment year 2018-19. 2. Though statutory remedies are available in the form of appeal against Ext.P7 ....

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....ntum of income for the relevant assessment year has already been assessed. Once the said assessment is completed, there is no prohibition in initiating proceedings for penalty under Section 274 read with Section 270A of the Act. Merely because an appeal against the said assessment order is pending consideration, the same is not a reason to defer initiation of proceedings for penalty under Section ....