#Section 271AAC
Log in to FollowSection 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
Income Tax
Cash deposit in Joint account with other relatives: ITAT deletes addition
Income Tax
Income Tax
ITAT deletes addition of Cash Deposit against Opening Balance during demonetization
Income Tax
Income Tax
Madras HC Quashes Assessment Order as reasonable time not provided to petitioner
Income Tax
Income Tax
Source of Demonetization Deposits Substantiated: ITAT Deletes Addition
Income Tax
Income Tax
Section 56(2)(x): Consider Stamp duty value on agreement date – ITAT Kolkata
Income Tax
Income Tax
Kerala HC Dismisses Writ Against Section 271AAC Penalty order
Income Tax
Income Tax
Draft Assessment Order passed without Considering Petitioner’s Objections: HC Quashed
Income Tax
Income Tax
Demand unsustainable as revenue failed to lodge claim with Resolution Professional
Income Tax
Income Tax
Addition u/s 68 towards unexplained cash credit unjustified as source of cash deposit proved
Income Tax
Income Tax
Deposit of cash sales in bank cannot be treated as deposit out of undisclosed income
Income Tax
Income Tax
ITAT Abolishes Section 271AAB Penalty for Lack of Deliberate Defiance of Law
Income Tax
Income Tax
Order passed in name of non-existing amalgamated company quashed
Income Tax
Income Tax
Addition u/s 68 towards unexplained cash credit unsustainable as cash sales already reflected in P&L
Income Tax
Income Tax
