Section 271AAC of the Income Tax Act pertains to the penalty for under-reporting and misreporting of income. It imposes a penalty on taxpayers who have deliberately under-reported or misreported their income to evade tax liabilities. The section specifies the amount of penalty and provides guidelines on the imposition and calculation of the penalty. Understanding Section 271AAC is crucial for taxpayers to accurately report their income and comply with tax regulations to avoid penalties and legal consequences. This description provides an overview of Section 271AAC and its implications for under-reporting and misreporting of income under the Income Tax Act.
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these ...
Income Tax : Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under...
Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : ITAT Hyderabad held that resorting to estimation of profit in case of best judgement assessment without rejection of books of acco...
Income Tax : Summary of ITAT Ahmedabad's decision in Anantrai Vithalbhai Parmar vs. CIT (Appeals) for AY 2017-18. Case remanded for reassessmen...
Income Tax : ITAT Kolkata deletes ₹8.27 lakh addition under Section 69A, ruling cash deposits belonged to Seva Kendra, not the assessee. Pena...
Income Tax : ITAT Ahmedabad refers Rs. 99.52 lakh addition under Section 69 to AO for fresh examination. Case pertains to unexplained loans in ...
Income Tax : ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t apply in the matter of non-utilisation of amount...
ITAT Hyderabad held that resorting to estimation of profit in case of best judgement assessment without rejection of books of accounts is unjustifiable. Accordingly, matter set aside to the file of the lower authorities for reconsideration of the issue.
Summary of ITAT Ahmedabad’s decision in Anantrai Vithalbhai Parmar vs. CIT (Appeals) for AY 2017-18. Case remanded for reassessment, emphasizing natural justice.
ITAT Kolkata deletes ₹8.27 lakh addition under Section 69A, ruling cash deposits belonged to Seva Kendra, not the assessee. Penalty also set aside.
ITAT Ahmedabad refers Rs. 99.52 lakh addition under Section 69 to AO for fresh examination. Case pertains to unexplained loans in Dharmendrasinh Chudasama vs ITO.
ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t apply in the matter of non-utilisation of amounts received towards Corporate Social Responsibility (CSR) activities. Thus, appeal allowed.
ITAT Ahmedabad held that tax rate u/s. 115BBE of the Income Tax Act increased from 30% to 60% and the same is applicable only with effect from 1st April 2017 and not prior to the same. Hence, appeal allowed to that extent.
Case was reopened after recording proper reason. Assessment was completed u/s.147 r.w.s. 144B of the Act on 25.03.2022, wherein addition of Rs.1 Crore was made in respect of unexplained investment in the immovable property.
ITAT Delhi remands appeal to CIT(A) for fresh adjudication due to denial of personal hearing in Kumar Kanti Das Vs ACIT case for AY 2017-18.
ITAT Ahmedabad held that delay of 244 days in filing of an appeal caused due to genuine hardship faced by the assessee is condonable. Accordingly, delay condoned due to bona fide reason being demonstrated.
AO observed that Wealth Tax Act was already abolished from financial year 2015-16, and the details of the assets were now required to be filed in the Income-tax Return for the assessment year.
