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Benefits to related persons - Section 271AAE - Income Tax - Ready Reckoner - Income TaxExtract Benefits to related persons - Section 271AAE [Inserted w.e.f. 01-04-2023] Without prejudice to any other provision of this Chapter, if during any proceedings under this Act, it is found that a person, being any fund or institution referred to in Section 10(23)(iv) or (v) or (vi) or (via), or any trust or institution referred to in section 11 has violated the provisions of the twenty-first proviso to clause (23C) of section 10, or section 13(1)(c), as the case may be, the Assessing Officer may direct that such person shall pay by way of penalty- (a) a sum equal to the aggregate amount of income applied, directly or indirectly, by such person, for the benefit of any person referred to in section 13(3), where the violation is noticed for the first time during any previous year ; and (b) a sum equal to 200% of the aggregate amount of income of such person applied, directly or indirectly, by that person, for the benefit of any person referred to in section 13(3), where violation is noticed again in any subsequent previous year . Note - It may be noted that Section 271AAE seeks to operate without prejudice to any other provision of Chapter XXI. Thus, if any penalty is leviable under any of the other provisions of this chapter, in addition to such penalty, that penalty would also be applicable.
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