ITAT Confirms 270A Penalty When Undisclosed Receipts Detected During Survey

Advertisement Rajendra Chandrakant Chinchnikar Vs ACIT (ITAT Pune) Tribunal confirmed the Penalty for misreporting of income u/s 270A on the income declared During Survey Summary: The Pune of the Income Tax Appellate Tribunal dismissed an appeal of the assessee upholding a penalty of ₹ 35.92 lakh under Section 270A on the professional receipts detected during a tax survey. The Tribunal held that the assessee’s revised return, filed only after the survey identified unaccounted cash receipts, did not constitute voluntary disclosure. The penalty was sustained as the income was suppressed a...