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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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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 1875 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 6438 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 202089 Views 2 comments Print


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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 1041 Views 0 comment Print


Latest Judiciary


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

Income Tax : The assessee is an NRI. During the demonetization period, the assessee made cash deposits of Rs.6,00,000/- each in his bank accoun...

October 28, 2024 249 Views 0 comment Print

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

Income Tax : ITAT Visakhapatnam held that dismissal of appeal and passing of ex-parte order by CIT(A) in absence of any response on behalf of t...

October 18, 2024 213 Views 0 comment Print

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

Corporate Law : Karnataka High Court held that since rectification application was filed before passing of final assessment order, DRP ought to ha...

October 1, 2024 234 Views 0 comment Print

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

Income Tax : It was held that assessee to provide concrete evidence establishing the genuineness of the cash deposits in accordance with CBDT C...

September 30, 2024 390 Views 0 comment Print

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

Income Tax : ITAT Mumbai held that invocation of revisionary proceeding u/s. 263 justified as AO was fully ignorant about verification of unsec...

September 26, 2024 342 Views 0 comment Print


Source of Demonetization Deposits Substantiated: ITAT Deletes Addition

May 5, 2024 1122 Views 0 comment Print

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.

Section 56(2)(x): Consider Stamp duty value on agreement date – ITAT Kolkata

March 27, 2024 1038 Views 0 comment Print

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.

Kerala HC Dismisses Writ Against Section 271AAC Penalty order

March 13, 2024 1029 Views 0 comment Print

Ashley Cherian’s writ challenging Income Tax orders under section 271AAC dismissed by Kerala HC due to failure to produce documents. Details here.

Draft Assessment Order passed without Considering Petitioner’s Objections: HC Quashed

February 9, 2024 1200 Views 0 comment Print

Read the detailed analysis of CPF (India) Private Limited Vs ACIT case where Madras High Court annulled assessment proceedings due to violation of Sec 144B procedure.

Demand unsustainable as revenue failed to lodge claim with Resolution Professional

November 10, 2023 423 Views 0 comment Print

Delhi High Court held that as revenue has failed to lodge the claim with the Resolution Professional, they cannot enforce the impugned orders and notices, given the binding nature of approved Resolution Plan.

Addition u/s 68 towards unexplained cash credit unjustified as source of cash deposit proved

October 25, 2023 1965 Views 0 comment Print

ITAT Ahmedabad held that addition under section 68 of the Income Tax Act towards unexplained cash credit unjustified as source of cash deposit on account of sale of petrol, diesel and other petroleum products duly proved.

Deposit of cash sales in bank cannot be treated as deposit out of undisclosed income

August 17, 2023 4227 Views 0 comment Print

ITAT Mumbai held that cash sales accepted and then deposit of said cash in bank account cannot be treated as deposits made out of any undisclosed income. Accordingly, addition under section 68 unsustainable.

ITAT Abolishes Section 271AAB Penalty for Lack of Deliberate Defiance of Law

August 1, 2023 924 Views 0 comment Print

Analysis of the recent ITAT ruling on Pawan Satyanarain Jalan Vs Assessing Officer Central where the penalty under Section 271AAB of the Income Tax Act was deleted.

Order passed in name of non-existing amalgamated company quashed

July 28, 2023 723 Views 0 comment Print

ITAT Mumbai held that where assessee company was amalgamated with another company and thereby lost its existence, assessment order passed subsequently in name of said non-existing entity, would be without jurisdiction and liable to be set aside.

Addition u/s 68 towards unexplained cash credit unsustainable as cash sales already reflected in P&L

June 26, 2023 5085 Views 0 comment Print

ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as cash proceeds already reflected in Profit & Loss account, hence addition u/s 68 will amount to double taxation.

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