#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
Income Tax Appeal Remanded Due to Lack of Reasoned Order by CIT(A)
Income Tax
Income Tax
CIT(A)’s Jewellery Reconciliation Upheld: Unexplained Investment u/s 69 Deleted
Income Tax
Income Tax
Penalty u/s 271AAC & 270A Remanded as Quantum Appeal Restored for Fresh Hearing
Income Tax
Income Tax
Mandatory approval required from Higher Authority for issuing notice u/s 148 after expiry of 3-Year Limitation
Income Tax
Income Tax
Unsecured loan addition deleted since identity, creditworthiness and genuineness proved
Income Tax
Income Tax
PCIT Cannot Recast Business Disallowance as Unexplained Expenditure Under Section 69C
Income Tax
Income Tax
Income Tax Order Without Personal Hearing Liable to Be Quashed: Gujarat HC
Income Tax
Income Tax
Stay Rejected for Non-Payment of 20% Demand: Madras HC Upholds CBDT Guidelines
Income Tax
Income Tax
ITAT Mumbai Remands ₹18.76 Crore TDS Disallowance Case for Fresh Hearing
Income Tax
Income Tax
ITAT Jaipur Quashes 69A Addition as AO Lacked Proper Jurisdiction
Income Tax
Income Tax
Assessment Based on Nonexistent Case Law Quashed: Bombay HC Warns Against Blind AI Reliance
Income Tax
Income Tax
Assessment Quashed, Penalty Falls – ITAT Delhi Quashes Section 271AAC Penalty
Income Tax
Income Tax
Partial Tax Relief on Alleged Bogus Purchases Due to Profit Already Declared
Income Tax
Income Tax
