An individual has not filed his return u/s 139 of IT Act. Notice was issued to him u/s 148 of IT Act for reopening of his case for assessment and individual has filed his return of Income in response to notice 148 declaring total income of Rs 1340/-. Cash deposit of Rs 20 Lakhs was observed by the department and assessment was completed u/s 147 of IT Act by accepting the return income filed by the individual. The cash deposit was pertaining to agricultural products and the same was deposited in Bank account.
But penalty under section 270A is initiated for under reporting of income.
Whether penalty 270A is leviable as the agriculture income is exempt
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Penalty under section 270A of IT Act
Replies (6)
Whether you had declared the agricultural income while filing ITR?
In response to notice 148 filed the return and declared the agriculture income in ITR
Whether the proofs of the income were submitted to ITO under scrutiny?
Whether the proofs were satisfactory to the justification of the income of Rs. 20 lakhs?
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Yes , proof of Income was submitted during assessment proceedings and the same was accepted by the AO and assessment completed by accepting return of income filed by the individual
Agricultural income is exempt, but it has to be declared in ITR for assessment.
If it was not considered for exemption by ITO, you can file appeal. Contact any CA in your area, who can help you in this regard.
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