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Section 271AAC

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.

Latest Articles


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 1992 Views 0 comment Print

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 ...

February 2, 2022 6519 Views 0 comment Print

Section 271AAC Penalty in respect of certain specified income

Income Tax : Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under...

January 31, 2020 203766 Views 2 comments Print


Latest News


Budget 2024: Time-limit for filing appeals to Income Tax Appellate Tribunal

Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...

July 23, 2024 1416 Views 0 comment Print


Latest Judiciary


CIT(A) Order Without Merits-Based Reasoning Violates Section 250(6)

Income Tax : AO observed that Wealth Tax Act was already abolished from financial year 2015-16, and the details of the assets were now required...

December 20, 2024 246 Views 0 comment Print

Dismissal of appeal without giving sufficient opportunity of being heard not justified: ITAT Ahmedabad

Income Tax : The assessment order was framed in which the AO made certain additions in the hands of the assessee under Section 69A of the Act r...

December 18, 2024 48 Views 0 comment Print

Contribution to PF doesn’t exceed 27% of salary and wages hence disallowance deleted: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that disallowances on account of excess contribution to PF deleted since the same didn’t exceed 27% of the s...

December 6, 2024 198 Views 0 comment Print

ITAT Ahmedabad Partially Upholds Unexplained Investment Addition

Income Tax : ITAT Ahmedabad upheld part of the unexplained investment addition for Rs. 79.35 lakh in Bhavin V. Maniar's case, allowing time for...

December 2, 2024 606 Views 0 comment Print

Additions u/s. 68 in hands of company set aside no additions made in hands of investors: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit set aside as no additions made in ...

November 20, 2024 609 Views 0 comment Print


Latest Posts in Section 271AAC

CIT(A) Order Without Merits-Based Reasoning Violates Section 250(6)

December 20, 2024 246 Views 0 comment Print

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.

Dismissal of appeal without giving sufficient opportunity of being heard not justified: ITAT Ahmedabad

December 18, 2024 48 Views 0 comment Print

The assessment order was framed in which the AO made certain additions in the hands of the assessee under Section 69A of the Act r.w.s. 115BBE of the Act amounting to Rs. 2,05,00,477/- as unexplained income of the assessee.

Contribution to PF doesn’t exceed 27% of salary and wages hence disallowance deleted: ITAT Ahmedabad

December 6, 2024 198 Views 0 comment Print

ITAT Ahmedabad held that disallowances on account of excess contribution to PF deleted since the same didn’t exceed 27% of the salary and wages in terms of rule 87 of the Income Tax Rules. Accordingly, appeal allowed to that extent.

ITAT Ahmedabad Partially Upholds Unexplained Investment Addition

December 2, 2024 606 Views 0 comment Print

ITAT Ahmedabad upheld part of the unexplained investment addition for Rs. 79.35 lakh in Bhavin V. Maniar’s case, allowing time for further documentation.

Additions u/s. 68 in hands of company set aside no additions made in hands of investors: ITAT Ahmedabad

November 20, 2024 609 Views 0 comment Print

ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit set aside as no additions made in the hands of investors confirms genuineness of investor and hence investment cannot be stated as bogus in hands of company.

Cash withdrawals satisfactorily explained through documents cannot be added u/s. 69A

October 28, 2024 450 Views 0 comment Print

The assessee is an NRI. During the demonetization period, the assessee made cash deposits of Rs.6,00,000/- each in his bank account. The case was selected for scrutiny, and the AO questioned the source of these cash deposits.

Passing of ex-parte order without deciding case on merits untenable: ITAT Visakhapatnam

October 18, 2024 276 Views 0 comment Print

ITAT Visakhapatnam held that dismissal of appeal and passing of ex-parte order by CIT(A) in absence of any response on behalf of the assessee untenable since CIT(A) failed to decide the case on merits.

Final assessment order set aside as passed before disposal of rectification application: Karnataka HC

October 1, 2024 252 Views 0 comment Print

Karnataka High Court held that since rectification application was filed before passing of final assessment order, DRP ought to have waited till disposal of rectification application. Thus, final assessment order liable to be set aside.

Assessee Must Prove Genuineness to Contest Section 68 Addition for Unexplained Cash Deposits During Demonetization

September 30, 2024 501 Views 0 comment Print

It was held that assessee to provide concrete evidence establishing the genuineness of the cash deposits in accordance with CBDT Circular wherein the various instructions had been issued by CBDT dated 21.2.2017, 3.3.2017, 15.11.2017 & 9.8.2019.

Revisionary Proceedings U/S 263 Justified as AO not verified Unsecured Loan: ITAT Mumbai

September 26, 2024 567 Views 0 comment Print

ITAT Mumbai held that invocation of revisionary proceeding u/s. 263 justified as AO was fully ignorant about verification of unsecure loan and addition of 10% unsecured loan by AO was baseless hence assessment order turned out to be erroneous and prejudicial to the interest of revenue.

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