Penalty revision under section 271A replaces a percentage-based tax avoidance penalty with a fixed monetary penalty framework. Amendment substitutes the penalty formula in section 271A of the Income-tax Act, replacing the former percentage-based sanction tied to tax avoided with a prescribed fixed monetary penalty, converting the enforcement measure from a variable, tax-linked calculation to a fixed-amount framework for penalties on incorrect returns.
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Provisions expressly mentioned in the judgment/order text.
Penalty revision under section 271A replaces a percentage-based tax avoidance penalty with a fixed monetary penalty framework.
Amendment substitutes the penalty formula in section 271A of the Income-tax Act, replacing the former percentage-based sanction tied to tax avoided with a prescribed fixed monetary penalty, converting the enforcement measure from a variable, tax-linked calculation to a fixed-amount framework for penalties on incorrect returns.
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