section 271aaa - AnpTaxCorp

Supreme Court: No Penalty Exception Under Section 271AAA(2) for Undisclosed Income Declared Only During Assessment

16 February 2025 by Aditya Narayan Parida

This Supreme Court judgment reaffirms the strict interpretation of Section 271AAA(2), making it clear that merely paying taxes voluntarily does not exempt an assessee from penalties if undisclosed income is admitted only at the assessment stage. The Supreme Court of …

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ITAT Delhi Removes Tax Penalty Due to Lack of Opportunity to Clarify Undisclosed Income U/S 271AAA

22 October 202310 October 2023 by Adv Aditya Narayan

Introduction-ITAT Delhi Removes Penalty under section 271AAA In a recent development, the Income Tax Appellate Tribunal (ITAT) Delhi bench delivered a significant ruling by waiving the penalty under section 271AAA of the Income Tax Act, 1961. The decision was motivated …

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