Penalty authority expanded: Commissioner (Appeals) may levy penalties for specified undisclosed income additions under income tax law. Amendment expands the authority under section 271AAC(1) by inserting "or the Commissioner (Appeals)" after the words "The Assessing Officer", thereby ... Summary
Penalty authority expanded: Commissioner (Appeals) may levy penalties for specified undisclosed income additions under income tax law.
Amendment expands the authority under section 271AAC(1) by inserting "or the Commissioner (Appeals)" after the words "The Assessing Officer", thereby enabling the Commissioner (Appeals) to levy penalty where the income determined includes income referred to the specified undisclosed income provisions; the amendment takes effect from 1st April, 2022.
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