Penalty u/s 270A leviable for Unexplained Income Misreporting

Sanjeev Kumar Manchand Vs ITO (ITAT Pune) ITAT Pune held that penalty under section 270A of the Income Tax Act duly leviable in absence of any plausible legal explanation with regard to misreporting of taxable income and increasing deductions. Facts- The assessee is an individual and derives income from salary, filed his return of income declaring total income of Rs.4,22,340/- after claiming deduction under chapter VI-A of Rs. 2,35,000/-. Subsequently, a survey was conducted u/sec.133A of the Act on the assessee and the case was reopened by issue of notice u/s.148. In response thereto, assesse...