2026 (2) TMI 1473

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....after referred to as 'the Act'). 2. Shri V.K Tulsian, appearing on behalf of the assessee submits that the Assessing Officer (AO) vide order dated 25.01.2022 passed u/s.270A of the Act has levied penalty of 200% of tax payable on under reported income. He submitted that there is no provision u/s.270A of the Act for levy of penalty of 200% on under reported income. Sub-section (7) to section 270A of the Act empowers the AO to levy penalty in respect of under reporting of the income to the extent of sum equal to 50% of the amount of tax payable on under reported income. He thus prayed for quashing the penalty order. 3. Per contra, Shri Om Prakash representing the department vehemently defended the penalty order u/s.270A of the Act and t....

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....ated separately for misreporting income". The instances of misreporting are given in sub section (9) to section 270A of the Act. Sub section (9) to section 270A of the Act is reproduced hereinbelow: (9) The cases of misreporting of income referred to in sub-section (8) shall be the following, namely:- (a) misrepresentation or suppression of facts; (b) failure to record investments in the books of account; (c) claim of expenditure not substantiated by any evidence; (d) recording of any false entry in the books of account; (e) failure to record any receipt in books of account having a bearing on total income; and (f) failure to report any international transaction or any transacti....