The Hyderabad Bench of Income Tax Appellate Tribunal has held that the penalty order on the ground of misreporting of income was not justified when show cause notice and the assessment order alleged under-reporting.The bench of Laliet Kumar has observed that once the assessee himself admitted the fact that there was under-reporting of income, which was also accepted. The Hyderabad …
Last date for the filing of income tax return for financial year 2019-20 is November 30. Read on for details: Late filing of Income Tax under Section 234F of Income Tax Act If a tax payer fails to furnish the income tax return before deadline, he will be imposed a penalty of five thousand rupees, if the return is furnished …
