Penalty u/s 271AAC(1)

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This discussion clarifies the calculation of penalties under Section 271AAC(1) of the Income Tax Act. Specifically, it addresses how to determine the penalty when assessed income includes additions made under Section 69. The penalty is calculated as 10% of the tax payable under Section 115BBE on the added amount, provided it hasn't already been paid.

naveen kumar

naveen kumar (Querist)
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08 March 2025 If total assessed income 10 lakh includes addition of Rs.7 lakh u/s 69 of the act. How we calculate penalty u/s 271AAC(1) of the Income tax act? Plz reply.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 March 2025 The penalty is 10% of the tax payable under Section 115BBE.
Tax payable on Rs, 7 lakhs addition u/s 69 IT act would be Rs. 5,46,000/- including surcharge & Cess. So, penalty would be Rs. 54,600/-, unless already paid under return.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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04 October 2025 Good luck...

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