Madras HC Upholds ₹1.5 Crore Section 271AAB Income Tax Penalty on Actor Vijay (Read Order)

Chandrasekaran Joseph Vijay Vs DCIT (Madras High Court) The Madras High Court examined the validity of a penalty order passed under Section 271AAB of the Income-tax Act, 1961, focusing exclusively on the issue of limitation under Section 275(1). The petitioner was subjected to a search under Section 132 during FY 2015–16, during which he admitted receipt of ₹15 crore in cash income. This amount was subsequently included in the return of income filed for AY 2016–17. An assessment order dated 30 December 2017 made certain additions and recorded initiation of penalty proceedings under Secti...