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Section 270A - OLD TURF … NEW RULES

September 6, 2019[2019] 109 31 (Article)
On 29 February 2016, Hon’ble Finance Minister in his budget speech acknowledged that levy of heavy penalty for concealment of income resulted in large number of disputes over the years despite a number of decisions of the Apex court on interpretation of statutory provisions and principles guiding imposition of penalty. Therefore, he proposed to replace the existing provisions of Section 271(1)(c) of the Income-tax Act (‘the Act’) with a new scheme of penalty under Section 270A effective from AY
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