270A. Penalty for under -reporting and misreporting of income.
(1)The Assessing Officer or
the Commissioner (Appeals) or the Principal Commissioner or Commissioner may, during the course of
any proceedings under this Act, direct that any person who has under -reported his income shall be liable
to pay a penalty in addition to tax, if any, on the under -reported income. (2)A person shall be considered to have under -reported his income, if - (a)the income assessed is greater than the income determined in the return processed under
clause ( a) of sub -section ( 1) of section 143; (b)the income assessed is greater than the maximum amount not chargeable to tax, where no
return of income has been furnished; (c)the income reassessed is greater than the income assessed or reassessed immediately before
such reassessment; (d)the amount of deemed total income assessed or reassessed as pe r the provisions of