#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
Delay of 244 days due to genuine hardship faced by assessee condonable: ITAT Ahmedabad
Income Tax
Income Tax
CIT(A) Order Without Merits-Based Reasoning Violates Section 250(6)
Income Tax
Income Tax
Dismissal of appeal without giving sufficient opportunity of being heard not justified: ITAT Ahmedabad
Income Tax
Income Tax
Contribution to PF doesn’t exceed 27% of salary and wages hence disallowance deleted: ITAT Ahmedabad
Income Tax
Income Tax
ITAT Ahmedabad Partially Upholds Unexplained Investment Addition
Income Tax
Income Tax
Additions u/s. 68 in hands of company set aside no additions made in hands of investors: ITAT Ahmedabad
Income Tax
Income Tax
Cash withdrawals satisfactorily explained through documents cannot be added u/s. 69A
Income Tax
Income Tax
Passing of ex-parte order without deciding case on merits untenable: ITAT Visakhapatnam
Corporate Law
Corporate Law
Final assessment order set aside as passed before disposal of rectification application: Karnataka HC
Income Tax
Income Tax
Assessee Must Prove Genuineness to Contest Section 68 Addition for Unexplained Cash Deposits During Demonetization
Income Tax
Income Tax
Revisionary Proceedings U/S 263 Justified as AO not verified Unsecured Loan: ITAT Mumbai
Income Tax
Income Tax
Budget 2024: Time-limit for filing appeals to Income Tax Appellate Tribunal
Income Tax
Income Tax
Cash deposit in Joint account with other relatives: ITAT deletes addition
Income Tax
Income Tax
