Whether penalty u/s 270A will be invoked in a case where addition in respect of investment is explained out of intangible additions made in earlier years?
Whether penalty u/s 270A will be invoked: Taxation in India is a complex legal landscape. The Income-tax Act, 1961, governs all aspects of direct taxation. It includes provisions for income assessment. It also outlines penalties for non-compliance. One such crucial provision is Section 270A. This section deals with penalties for under-reporting income. It…
