#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
Opening Balance Cannot Be Taxed u/s 68: ITAT Remands ₹55.53L Loan Addition for Verification
Income Tax
Income Tax
On-Money Addition Deleted – No Evidence Beyond Third-Party Pen Drive & Statements
Income Tax
Income Tax
ITAT Rajkot: Hybrid Seed Company’s Income Held as Agricultural
Income Tax
Income Tax
ITAT Mumbai: Section 68 Addition Deleted – Mere Suspicion & Third-Party Info Not Enough
Income Tax
Income Tax
₹12.54 Cr Spouse Gift to Shilpa Shetty: Sec 68 Addition Set Aside, Remanded
Income Tax
Income Tax
Only profit element embedded to unaccounted purchases can be taxed: ITAT Chennai
Income Tax
Income Tax
Penalty U/s 271DA & 271E Invalid When Original Assessment Set Aside – ITAT Deletes Penalties
Income Tax
Income Tax
ITAT Upholds Addition as Cash Deposits Lack Evidence; Section 115BBE Amendment Prospective
Income Tax
Income Tax
Section 153C Assessment Quashed Because Consolidated Satisfaction Note Lacked Year-Wise Incriminating Material
Income Tax
Income Tax
Loan Repayment Not Taxable U/s 68 & 14A Disallowance Restricted to Actual Expenditure
Income Tax
Income Tax
Assessment Order Quashed due to Invalid Service U/s 282 & Limitation
Income Tax
Income Tax
Approved Isn’t Approval – Mechanical Section U/s 151 Kills Reopening at Birth
Income Tax
Income Tax
Cash Sales Recorded in Books Cannot Be Added Again Under Section 68
Income Tax
Income Tax
