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.
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or ...
Income Tax : It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these ...
Income Tax : Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under...
Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : The issue was whether income from hybrid seed production on leased land qualifies as agricultural income. The Tribunal held that o...
Income Tax : The issue was whether addition can be made based on third-party investigation findings. The Tribunal held that without direct incr...
Income Tax : ITAT set aside the addition made under Section 68 due to incomplete verification of a large gift transaction. It remanded the case...
Income Tax : ITAT Chennai held that where unaccounted purchases are found and the corresponding sales are not doubted, only the profit element ...
Income Tax : The tribunal examined whether penalties could continue when the fresh assessment order did not record satisfaction for initiating ...
The ITAT Ahmedabad has set aside a CIT(A) order that deleted a Rs. 99.5 lakh cash deposit addition, citing a procedural error for not obtaining a remand report from the Assessing Officer.
The Patna ITAT holds that Section 69 applies even without books of account, but remands a case for fresh verification after the assessee provided new evidence of earlier cash payments.
The ITAT ruled that the PCIT’s revision order was invalid as the AO had already examined the assessee’s agricultural income claim, thus not acting erroneously.
ITAT Kolkata has allowed a Sikkimese proprietor to claim a tax exemption u/s 10(26AAA) despite using a wrong PAN. The tribunal cited a Supreme Court judgment.
ITAT Ahmedabad sends unexplained demonetization cash deposit case back to AO, granting assessee new chance to explain source after ex-parte order.
Delhi ITAT remands Tejasvi Bhalla’s Rs. 7 Cr income addition under Section 69 to AO, mandating verification of capital and stock balances for clarity.
ITAT Delhi held that addition under section 68 of the Income Tax Act cannot be sustained as assessee has proved the source of funds for purchase of land made in earlier assessment year. Accordingly, appeal allowed.
ITAT Kolkata sets aside ex-parte CIT(A) order on unexplained demonetization cash deposit against Akanksha Enterprises, allowing a fresh hearing based on natural justice.
Madras High Court stays penalty orders under Sections 270A and 271AAC against Aadhitya Property Developers, pending a decision on the assessee’s belated appeal against the core assessment order.
ITAT Ahmedabad sets aside CIT(A) order, sending back case of Tosifbhai Tajdin Halani to AO for fresh assessment on unexplained cash, gifts, and expenditure.
