Income Tax Act, 2025
Section 1: Ins. by Act 20 of 2002, s. 100 (w.e.f. 12002).
1. Ins. by Act 20 of 2002, s. 100 (w.e.f. 12002).
770
CHAPTER XXI
PENALTIES IMPOSABLE
270. [Failure to furnish information regarding securities, etc.].—Omitted by the Direct Tax Laws
(Amendment) Act 1987 (4 of 1988), s. 105 (w.e.f. 11989).
1[270A. Penalty for under-reporting and misreporting of income.—(1) The Assessing Officer or
the Commissioner (Appeals) or the Principal Commissioner or Commissioner may, during the course of
any proceedings under this Act, direct that any person who has under-reported his income shall be liable
to pay a penalty in addition to tax, if any, on the under-reported income.
(2) A person shall be considered to have under-reported his income, if—
(a) the income assessed is greater than the income determined in the return processed under
clause (a) of sub-section (1) of section 143;
(b) the income assessed is greater than the maximum amount not chargeable to tax, where no
return of income has been furnished;
(c) the income reassessed is greater than the income assessed or reassessed immediately before
such reassessment;
(d) the amount of deemed total income assessed or reassessed as per the provisions of
section 115JB or section 115JC, as the case may be, is greater than the deemed total income
determined in the return processed under clause (a) of sub-section (1) of section 143;
(e) the amount of deemed total income assessed as per the provisions of section 115JB or
section 115JC is greater than the maximum amount not chargeable to tax, where no return of income
has been filed;
(f) the amount of deemed total income reassessed as per the provisions of
section 115JB or section 115JC, as the case may be, is greater than the deemed total income assessed
or reassessed immediately before such reassessment;
(g) the income assessed or reassessed has the effect of reducing the loss or converting such loss
into income.
(3) The amount of under-reported income shall be,—
(i) in a case where income has been assessed for the first time,—
(a) if return has been furnished, the difference between the amount of income assessed and
the amount of income determined under clause (a) of sub-section (1) of section 143;
(b) in a case where no return has been furnished,—
(A) the amount of income assessed, in the case of a company, firm or local authority; and
(B) the difference between the amount of income assessed and the maximum amount not
chargeable to tax, in a case not covered in item (A);
Act 1987 (4 of 1988), s. 105 (w.e.f. 11989).
1[270A. Penalty for under-reporting and misreporting of income.—
The Assessing Officer or
the Commissioner
or the Principal Commissioner or Commissioner may, during the course of
any proceedings under this Act, direct that any person who has under-reported his income shall be liable
to pay a penalty in addition to tax, if any, on the under-reported income.
A person shall be considered to have under-reported his income, if—
the income assessed is greater than the income determined in the return processed under
clause
of sub-section
of section 143;
the income assessed is greater than the maximum amount not chargeable to tax, where no
return of income has been furnished;
the income reassessed is greater than the income assessed or reassessed immediately before
such reassessment;
the amount of deemed total income assessed or reassessed as per the provisions of
section 115JB or section 115JC, as the case may be, is greater than the deemed total income
determined in the return processed under clause
of sub-section
of section 143;
the amount of deemed total income assessed as per the provisions of section 115JB or
section 115JC is greater than the maximum amount not chargeable to tax, where no return of income
has been filed;
the amount of deemed total income reassessed as per the provisions of
section 115JB or section 115JC, as the case may be, is greater than the deemed total income assessed
or reassessed immediately before such reassessment;
the income assessed or reassessed has the effect of reducing the loss or converting such loss
into income.
The amount of under-reported income shall be,—
in a case where income has been assessed for the first time,—
if return has been furnished, the difference between the amount of income assessed and
the amount of income determined under clause
of sub-section
of section 143;
in a case where no return has been furnished,—
the amount of income assessed, in the case of a company, firm or local authority; and
the difference between the amount of income assessed and the maximum amount not
chargeable to tax, in a case not covered in item