Home List Manuals Income TaxIncome Tax - Ready ReckonerPenalties and Prosecution This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Penalty for false entry, etc., in books of account - Section 271AAD - Income Tax - Ready Reckoner - Income TaxExtract Penalty for false entry, etc., in books of account - Section 271AAD [W.e.f. AY 2021-22] 1) 100% penalty for the amount of false or omitted entry {Section 271AAD(1)] Without prejudice to any other provisions of this Act, if during any proceeding under this Act, it is found that in the books of account maintained by any person there is- a false entry; or an omission of any entry which is relevant for computation of total income of such person, to evade tax liability, the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals) [Amended by FA, 2023] may direct that such person shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry. (2) Penalty on any other person who causes the person to make false entry or omit any entry {Section 271AAD(2)] Without prejudice to the provisions of sub-section (1), the Assessing Officer 3 [ or the Commissioner (Appeals) ] may direct that any other person, who causes the person referred to in section 271AAD(1) in any manner to make a false entry or omits or causes to omit any entry referred to in section 271AAD(1), shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry. Note False entry includes use or intention to use- (a) forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence; or (b) invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both; or (c) invoice in respect of supply or receipt of goods or services or both to or from a person who does not exist.
|