Rationalization of the provisions of sections 271AAB, 271AAC and 271AAD of the Act

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....y in cases involving undisclosed income in cases where search has been initiated u/s 132 or otherwise, or for false entry etc. in books of account. 2. Under Chapter XXI of the Act which deals with penalties, Commissioner (Appeals) has concomitant powers with Assessing Officer to levy penalty in eligible cases under section 270A, section 271, section 271A, section 271AA, section 271G, section 271J....

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....ation, returns or statements, allow inspections etc. At present, the amount of penalty for failures listed under sub-section (2) of section 272A is one hundred rupees for every day during which the failure continues. 2. Section 272A ensures compliance with various obligations under the Incometax Act by penalising non-compliance and acting as a deterrent. 3. However, the penalty of one hundred ru....