Penalty under section 271(1)(a): retrospective amendment imposes a monthly percentage penalty with an aggregate cap and mandates review of orders. The Income-tax Act amendment revises section 271(1)(a) to impose a monthly penalty calculated as a percentage of the assessed tax for each month of default, subject to an aggregate cap, and defines 'assessed tax' as tax net of amounts deducted at source or paid in advance. The amendment is retrospective and overrides the prior judicial interpretation limiting the phrase 'the amount of tax, if any, payable by him'; authorities are directed to review and, where necessary, rectify orders issued under section 271(1)(a) made in reliance on that interpretation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty under section 271(1)(a): retrospective amendment imposes a monthly percentage penalty with an aggregate cap and mandates review of orders.
The Income-tax Act amendment revises section 271(1)(a) to impose a monthly penalty calculated as a percentage of the assessed tax for each month of default, subject to an aggregate cap, and defines "assessed tax" as tax net of amounts deducted at source or paid in advance. The amendment is retrospective and overrides the prior judicial interpretation limiting the phrase "the amount of tax, if any, payable by him"; authorities are directed to review and, where necessary, rectify orders issued under section 271(1)(a) made in reliance on that interpretation.
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