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...
Corporate Law : Karnataka High Court held that since rectification application was filed before passing of final assessment order, DRP ought to ha...
Income Tax : It was held that assessee to provide concrete evidence establishing the genuineness of the cash deposits in accordance with CBDT C...
Income Tax : ITAT Mumbai held that invocation of revisionary proceeding u/s. 263 justified as AO was fully ignorant about verification of unsec...
Income Tax : ITAT Ahmedabad rules no tax on cash deposits from relatives if affidavits provided. Sakina Ahmedali Kantavala vs ITO case highligh...
Income Tax : Discover why ITAT Jodhpur ruled that cash deposits made by a 77-year-old assesse during demonetization couldn't be added under sec...
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.
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.
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.
Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key FAQs and amounts covered.
Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal, effective October 2024.
ITAT Ahmedabad rules no tax on cash deposits from relatives if affidavits provided. Sakina Ahmedali Kantavala vs ITO case highlights proper affidavit usage in tax assessments.
Discover why ITAT Jodhpur ruled that cash deposits made by a 77-year-old assesse during demonetization couldn’t be added under section 68 of the Income Tax Act.
Read the full judgment/order of Madras High Court quashing an I-T assessment order adding Rs. 16Cr unexplained expenditure without reasonable time. Portal reopening ordered.
In the case of Pukhraj Nathmal Jain Vs ITO, ITAT Mumbai deletes addition u/s 68 of Income Tax Act, as the source for deposits made during demonetisation period was substantiated.
ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not considered the stamp duty valuation of the property on the date of agreement, which was in 2015. As per the proviso to the section, the stamp duty value on the date of agreement should have been taken into account.
