Clarification of amendment in Penalty for concealment provisions

Last updated: 16 March 2008

In view of the apprehension raised on the retrospective amendment to section 271 of the Income-tax Act, proposed in the Finance Bill, 2008, empowering the assessing officer to, inter-alia, levy penalty in case of concealment of income, the Ministry of Finance has issued the following clarification. In the context of levy of penalty under section 271 of the Income-tax Act, there has been an ongoing dispute between the Income-tax department and taxpayers on whether an assessing officer is required
Daily Limit Reached

You have reached your daily limit of 2 Free News

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Community
  • Daily E-Newsletter
  • Unlimited News Access
  • Profile Visitors
  • Link Social Profiles
  • Featured Job Posts
  • Pro Badge
  • Expert GST Guidance
  • Unlimited Forum Replies
  • Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience.



Late CA Sampat Jain

News posted by

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments :

Recent News :

  1. UPI MDR on Transactions Above Rs 2000: FM Sitharaman Clarifies Who Will Pay
  2. RBI Issues New Basel III Market Risk Capital Directions for Commercial Banks
  3. Petrol Dealers May Limit UPI Payments Above Rs 2000 From 16th October
  4. Tax Audit Deadline 2026: Professional Bodies Seek Extension to 31st October
  5. GSTN Announces emSigner 3.3 for New DSC USB Tokens Issued From 21st September 2026
  6. UPI 0.4% MDR Above Rs 2000: Grocery Shop Sign Sparks Fresh Debate
  7. India's STT Collections Rise 52.9% to Rs 40,214 Crore by 17th Sept 2026
  8. India to Monitor UPI MDR Charges to Protect Consumers from Extra Costs
  9. Central GST Superintendent Arrested in Bengaluru Over Alleged Rs 8 Lakh Bribe
  10. CBDT Revises Form 169 and Form 171 Under Income Tax Rules 2026

More »


Popular News




Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Deepak WadhwaDeepak WadhwaPro Member Mohit KumarMohit KumarPro Member Dhananjay PatilDhananjay PatilPro Member Nandkishore VishwakarmaNandkishore VishwakarmaPro Member Rupesh SoniRupesh Soni
Subscribe to Pro
Join an elite circle of professionals


Browse by Category



Latest Job Openings

View all
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
08 September 2026
Audit Executive

Thammana & Associates

Srikakulam

B.Com

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
CA Article Assistant/CA Drop Out/Accounts Executive

PARV & Co.

New Delhi

CA Inter

View Details