#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
Demonetisation Cash Deposit Fully Explained by Prior Withdrawals: ITAT Chandigarh Deletes Rs 7.26 Lakh Addition u/s 69A
Income Tax
Income Tax
Addition quashed as Form 2 under Income Declaration Scheme not served: ITAT Chennai
Income Tax
Income Tax
Section 68 Additions Rejected as Loan Repayment and Cash Sales Explained
Income Tax
Income Tax
Repaid Loan with TDS-Proved Interest Cannot Be Treated as Unexplained Cash Credit: ITAT Indore
Income Tax
Income Tax
Penalty on Deceased Assessee Void, Section 271AAC Order Quashed: ITAT Mumbai
Income Tax
Income Tax
Cash Deposits of Vodafone Distributor Taxable on Estimated Basis @8%: ITAT Pune
Income Tax
Income Tax
Penalty Cannot Survive After Deletion of Quantum Addition: ITAT Pune
Income Tax
Income Tax
Capital Continuity Proved, ₹10.63 Crore Section 68 Addition Deleted
Income Tax
Income Tax
Penalty u/s 271AAC cannot survive once Section 69 addition is deleted in quantum
Income Tax
Income Tax
ITAT Ahmedabad: CIT(A) Order Vitiated for Mixing Two Years’ Facts; Remanded
Income Tax
Income Tax
Entire Bogus Purchases Cannot Be Added When Sales Accepted: ITAT Dehradun Restricts Addition to 4%
Income Tax
Income Tax
Assessment Set Aside for Non-Consideration of Mandatory Penalty Provisions
Income Tax
Income Tax
ITAT Mumbai Restricts Bogus Purchase Addition to 6%; Full 69C Disallowance Set Aside
Income Tax
Income Tax
