Supreme Court Partially Allows Appeal in Income Tax Penalty Case — Compliance with Section 271AAA(2) Conditions is Mandatory but Penalty Must Be Proportionate to Undisclosed Income. The Court held that penalty under Section 271AAA(1) is computed at 10% of undisclosed income, not entire returned income, and part compliance with condition (iii) warrants proportionate reduction.
4 Mar 2025The appeal arose from a penalty order under Section 271AAA of the Income Tax Act, 1961, for Assessment Year 2011-2012. The appellant, K. Krishnamurthy...
