Section 271AAB

Updated Penalty Chart under Income Tax Act, 1961

Income Tax - Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure to comply with department letter...

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Penalties and Prosecutions Under Income tax Act, 1961

Income Tax - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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Penalties under Income-Tax Act, 1961

Income Tax - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

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CIT(A) given power to levy section 271AAB, 271AAC & 271AAD penalty

Income Tax - It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these sections to the along with Assessing Officer....

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Penalties imposable in Income Tax Search Cases

Income Tax - Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. There are three modes built in the fiscal legislation for encouraging tax compliance: (a) Charge of Interest; (b) Imposition of penalty; (c) launching of prosecution agai...

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Section 271AAB – Relax restrictions to claim benefit of concessional rate of penalty @ 10%: ICAI

Income Tax - Section 271AAB provides for imposition of penalty at specified rates where search has been initiated. The rate of penalty varies from 10% to 60 % depending on the time when the assessee admits the undisclosed income....

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Section 271AAB Prosecution should not be initiated for Income disclosed during survey: ICAI

Income Tax - Section 271AAB provides for imposition of penalty @ 10% on undisclosed income found during the course of search and admitted at the stage of search. Undisclosed income not admitted at the stage of search but  disclosed in the return of income filed after the search to attract penalty @ 20%. ...

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Section 153A / 271AAB– Need for effective deterrence and finality in Search Cases

Income Tax - Present scheme of administration of Search and Assessment of search cases needs to be made effective to reduce technical complexities ...

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Section 271AAB penalty not imposable if no Search Conducted on Assessee

ACIT Vs Clean Coal Enterprises Pvt. Limited (ITAT Kolkata) - A perusal of Section 271AAB would reveal that it is applicable where search has been initiated under section 132 of Income Tax Act...

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Section 271AAB penalty upheld on Income Tax return filed belated

Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad) - Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad) CIT(A) upheld the penalty of Rs.19,50,000/-,levied u/s 271AAB of the Act @ 30% of the undisclosed income of Rs.65 lacs, noting that the assessee had failed to fulfill the following conditions by the specified date as required by the section : a) filing i...

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Section 271AAB penalty not valid if AO not mention specific default of assessee

Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur) - Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur) A conjoint reading of section 271AAB and section 271 of the Act indicate that imposition of penalty under section 271AAB of the Act is not mandatory but discretionary. Hence, in our view, the penalty under section 271AAB be imposed on merits of each case...

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No Section 271AAB Penalty if Search Proceedings were not initiated on assessee

Ramavatar Mandavewala Vs JT.CIT (ITAT Mumbai) - Ramavatar Mandavewala Vs JT.CIT (ITAT Mumbai) It is evident from the facts of the case that no search has been conducted on the assessee per se under section 132 of the Act. The provisions of section 271AAB warrants that upon search under section 132 of the Act, any undisclosed income, if identified...

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Penalty u/s 271AAB can only be levied on a person who was subject to search

Shri D.S. Patil Vs PCIT (ITAT Banglore) - Shri D.S. Patil Vs PCIT (ITAT Banglore) Penalty u/ s. 271AAB can be levied in the hands of a searched person only. The assessee herein is not subjected to search, meaning thereby, penalty u/s. 271AAB cannot be levied in the hands of the assessee. Even though, the AO has not cited any reason for drop...

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Recent Posts in "Section 271AAB"

Section 271AAB penalty not imposable if no Search Conducted on Assessee

ACIT Vs Clean Coal Enterprises Pvt. Limited (ITAT Kolkata)

A perusal of Section 271AAB would reveal that it is applicable where search has been initiated under section 132 of Income Tax Act...

Read More

Section 271AAB penalty upheld on Income Tax return filed belated

Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad)

Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad) CIT(A) upheld the penalty of Rs.19,50,000/-,levied u/s 271AAB of the Act @ 30% of the undisclosed income of Rs.65 lacs, noting that the assessee had failed to fulfill the following conditions by the specified date as required by the section : a) filing its return declaring the undisclosed [&he...

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Section 271AAB penalty not valid if AO not mention specific default of assessee

Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur)

Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur) A conjoint reading of section 271AAB and section 271 of the Act indicate that imposition of penalty under section 271AAB of the Act is not mandatory but discretionary. Hence, in our view, the penalty under section 271AAB be imposed on merits of each case. 5.1. In case of […]...

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No Section 271AAB Penalty if Search Proceedings were not initiated on assessee

Ramavatar Mandavewala Vs JT.CIT (ITAT Mumbai)

Ramavatar Mandavewala Vs JT.CIT (ITAT Mumbai) It is evident from the facts of the case that no search has been conducted on the assessee per se under section 132 of the Act. The provisions of section 271AAB warrants that upon search under section 132 of the Act, any undisclosed income, if identified, will be the […]...

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Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure to comply with department letter...

Read More
Posted Under: Income Tax |

Penalties and Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

Read More
Posted Under: Income Tax |

Penalties under Income-Tax Act, 1961

Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

Read More
Posted Under: Income Tax | ,

CIT(A) given power to levy section 271AAB, 271AAC & 271AAD penalty

It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these sections to the along with Assessing Officer....

Read More
Posted Under: Income Tax |

Penalty u/s 271AAB can only be levied on a person who was subject to search

Shri D.S. Patil Vs PCIT (ITAT Banglore)

Shri D.S. Patil Vs PCIT (ITAT Banglore) Penalty u/ s. 271AAB can be levied in the hands of a searched person only. The assessee herein is not subjected to search, meaning thereby, penalty u/s. 271AAB cannot be levied in the hands of the assessee. Even though, the AO has not cited any reason for dropping […]...

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No section 271AAB penalty on admitted and Surrendered Income

Ashish Mittal Vs DCIT (ITAT Delhi)

Ashish Mittal Vs DCIT (ITAT Delhi) The Ld. AR submitted that the Assessing Officer has not contemplated the proper penalty notice as per the provisions of Section 271AAB. The Assessing Officer was not correct in imposing the penalty u/s 27 1AAB as the assessee has surrendered the income and also paid taxes accordingly The insertion [&hell...

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