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Section 271AAA

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FAQs on Penalty provisions under Income Tax Act, 1961

Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...

August 24, 2024 1875 Views 0 comment Print

Section 115BBE needs Relook: Know Misuse, Consequences & Judicial Precedents

Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...

August 12, 2023 23013 Views 0 comment Print

Penalties imposable in Income Tax Search Cases

Income Tax : Understand the penalties imposable in income tax search cases. Learn about the different types of penalties and their implications...

May 2, 2020 16374 Views 0 comment Print


Latest Judiciary


No section 271AAA penalty as additions were purely on estimate basis

Income Tax : Assessee filed an appeal concerning the penalty of ₹20,29,394 levied under Section 271AAA for AY 2008-09. It had initially decla...

October 25, 2024 306 Views 0 comment Print

Section 274 Income Tax Notice Must Precede Limitation Period: Delhi HC

Income Tax : Delhi High Court ruling on PCIT vs. Thapar Homes Ltd. emphasizes issuing notices under Section 274 before the Income Tax Act's lim...

January 12, 2024 3237 Views 0 comment Print

Notice u/s 274 needs to be issued before limitation period prescribed u/s. 275(1)(c)

Income Tax : Delhi High Court held that the notice under Section 274 of the Income Tax Act should have been issued before the period of limitat...

November 4, 2023 1299 Views 0 comment Print

Penalty Not Leviable under Section 271AAA Without Specific Inquiry

Income Tax : In a case of Vikram Dhirani vs. DCIT, ITAT Delhi rules in favor of the assessee, deleting the penalty under section 271AAA due to ...

October 25, 2023 789 Views 0 comment Print

PCIT cannot direct AO to initiate penalty proceedings u/s 271(1)(c)

Income Tax : ITAT Hyderabad held that law doesn’t permit delegation of authority by PCIT to Assessing Officer (AO) for the purpose of imposit...

August 24, 2023 4170 Views 0 comment Print


Penalty u/s 271AAA leviable on additional/undisclosed income accepted via statement u/s 132(4)

January 8, 2023 2793 Views 0 comment Print

ITAT Delhi held that penalty u/s 271AAA of the Income Tax Act is leviable when the assessee has accepted the additional/undisclosed income during the statement recorded u/s 132(4) of the Act.

Penalty cannot Survive if relevant issues is been restored back to AO

November 24, 2022 531 Views 0 comment Print

Sh. Vinod Jindal Vs DCIT (ITAT Delhi) Penalty under section 271AAA of the Act was imposed based on the additions made in the assessment order, aggregating to Rs.24,54,184/-. However, while deciding assessee’s quantum appeal, the Tribunal in ITA No. 839/Del/2017, dated 30.06.2022 has deleted addition of Rs. 1 lakh made on account of unexplained cash. […]

Section 271(1)(c) penalty cannot be imposed instead of Section 271AAA

August 20, 2022 957 Views 0 comment Print

Section 271AAA seeks to impose penalty where undisclosed income is detected during the course of search initiated under Section 132 of the Act on or after 01.06.2007 which condition has been fulfilled

Addition u/s 69A sustainable in absence of adequate evidence

July 6, 2022 1575 Views 0 comment Print

Held that as the assessee was not able to furnish any evidence to the fact that the seized cash represent accounted income and also assessee has accepted that no proper cash books was maintained. Accordingly, addition u/s 69A sustained and also penalty leviable u/s 271AAA.

Order of CIT(A) directing AO to levy penalty u/s 271AAA unjustified

June 28, 2022 489 Views 0 comment Print

It is not open to the First Appellate Authority i.e., CIT(A) to set aside the order of the A.O. and order a remand or to give any directions. Hence, CIT(A) was not justified in giving direction to the A.O. to levy penalty u/s. 271AAA of the I.T. Act, 1961.

No section 271AAA penalty if assessee offered undisclosed income in section 132(4) statement

June 24, 2022 1506 Views 0 comment Print

ITAT held that penalty under section 271AAA(1) cannot be imposed in a case where the assessee has offered the undisclosed income in the statement recorded under section 132(4) of the Act, specifying the manner in which such income has been derived and if the assessee pays the tax along with interest of such income.

No Section 271AAA penalty on ad-hoc addition based on average GP rate

April 12, 2021 1482 Views 0 comment Print

M/s Ace Steel Fab (P) Ltd. Vs DCIT (ITAT Delhi)  In the present appeal, the only addition made in the income was of Rs.11,52,300/- on account of estimation of Gross Profit @ 68%. It is the contention of the assessee that the discrepancy in stock was due to malfunction in the ERP software. Though, this […]

Penalty can be levied on same ground on which proceedings was initiated

June 10, 2020 1206 Views 0 comment Print

ITAT states that, disclosure of manner in which undisclosed income was earned and substantiating the manner in which undisclosed income was earned are two different things. Hence, there is no clarity in the stand of the Revenue for initiation of penalty under Section 271AAA,

Penalties imposable in Income Tax Search Cases

May 2, 2020 16374 Views 0 comment Print

Understand the penalties imposable in income tax search cases. Learn about the different types of penalties and their implications for tax compliance.

Section 271AAA Penalty cannot be levied on Amount surrendered but not treated as undisclosed income

September 2, 2019 2565 Views 0 comment Print

Rajendra Aggarwal Vs DCIT (ITAT Delhi) It is pertinent to note that the Assessing Officer completed the assessment by accepting the return of income filed by the assessee which included surrendered amount of Rs. 51,64,100/-. In fact in the Assessment Order, the Assessing Officer added another sum of Rs. 14,00,000/- as unexplained cash found at […]

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