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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.

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Adverse Income Tax Orders: Implications and Penalties

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May 4, 2025 2094 Views 0 comment Print

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 2949 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 6891 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 215190 Views 3 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 3267 Views 0 comment Print


Latest Judiciary


ITAT Orders Re-Assessment of Demonetisation Period Additions

Income Tax : ITAT Ahmedabad sets aside CIT(A) order, sending back case of Tosifbhai Tajdin Halani to AO for fresh assessment on unexplained cas...

May 13, 2025 123 Views 0 comment Print

Application of cash received from unrecorded cash sales needs verification hence matter restored

Income Tax : ITAT Pune held that application of cash received from unrecorded cash sales needs verification since assessee claims that it is ap...

May 2, 2025 138 Views 0 comment Print

Taxing addition at higher rate u/s. 115BBE for cash deposit during demonetization not tenable: ITAT Surat

Income Tax : ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher ...

April 30, 2025 1038 Views 0 comment Print

Unexplained Cash Deposits during demonetization period was remanded back for proper verification

Income Tax : Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Tr...

April 3, 2025 582 Views 0 comment Print

ITAT Deletes Cash Deposit Addition, Accepts Assessee’s Gold Sale Explanation

Income Tax : ITAT Ahmedabad addressed unexplained cash deposits during demonetization in Jaisinghani vs. ITO, focusing on Sec. 69A and 115BBE....

April 1, 2025 1599 Views 0 comment Print


Latest Posts in Section 271AAC

ITAT Orders Re-Assessment of Demonetisation Period Additions

May 13, 2025 123 Views 0 comment Print

ITAT Ahmedabad sets aside CIT(A) order, sending back case of Tosifbhai Tajdin Halani to AO for fresh assessment on unexplained cash, gifts, and expenditure.

Adverse Income Tax Orders: Implications and Penalties

May 4, 2025 2094 Views 0 comment Print

Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or seek relief.

Application of cash received from unrecorded cash sales needs verification hence matter restored

May 2, 2025 138 Views 0 comment Print

ITAT Pune held that application of cash received from unrecorded cash sales needs verification since assessee claims that it is applied for giving advance to the farmers for purchase of raw material and also for expansion of the existing showroom.

Taxing addition at higher rate u/s. 115BBE for cash deposit during demonetization not tenable: ITAT Surat

April 30, 2025 1038 Views 0 comment Print

ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher rate u/s. 115BBE for prior period is not sustainable. Accordingly, AO directed to tax addition at normal rate of tax.

Unexplained Cash Deposits during demonetization period was remanded back for proper verification

April 3, 2025 582 Views 0 comment Print

Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Traders during demonetization period. During the survey, several documents and evidences were collected and impounded.

ITAT Deletes Cash Deposit Addition, Accepts Assessee’s Gold Sale Explanation

April 1, 2025 1599 Views 0 comment Print

ITAT Ahmedabad addressed unexplained cash deposits during demonetization in Jaisinghani vs. ITO, focusing on Sec. 69A and 115BBE.

ITAT Delhi Deletes ₹26.35 Lakh Addition on Cash Deposits

March 30, 2025 2898 Views 0 comment Print

ITAT Delhi orders deletion of ₹26.35 lakh addition on cash deposits during demonetization but upholds ₹7.52 lakh addition for unreconciled purchases.

No Penalty Under Section 271AAC for Income disclosed Within Section 139 Timeframe

March 13, 2025 1908 Views 0 comment Print

ITAT Kolkata rules on Section 271AAC penalty, clarifying tax implications for returns filed under Section 139. Read the full case summary and key takeaways.

Resorting to estimation of profit without rejection of books not justified: ITAT Hyderabad

February 27, 2025 285 Views 0 comment Print

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.

Appellant’s unawareness of e-proceedings: ITAT Remands Case for Reassessment

January 30, 2025 831 Views 0 comment Print

Summary of ITAT Ahmedabad’s decision in Anantrai Vithalbhai Parmar vs. CIT (Appeals) for AY 2017-18. Case remanded for reassessment, emphasizing natural justice.

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