Quick Summary
Certain penalties to be imposed by the Assessing Officer Sections 271C, 271CA, 271D, 271DA, 271DB and 271E of the Act, inter-alia, providethat penalty under these sections shall be imposed by the Joint Commissioner. Though,assessment in such cases were being made by the Assessing Officer, penalty under thesesections were being imposed by the Joint Commissioner. 2. In order to rationalize the process, it is proposed to amend sections 271C, 271CA, 271D,271DA, 271DB and 271E of the Act so that pe
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 benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Sections 271C, 271CA, 271D, 271DA, 271DB, and 271E of the Act are being amended.
Assessing Officers will impose penalties under these sections, taking over from the Joint Commissioner.
Yes, Assessing Officers will require prior approval from the Joint Commissioner to issue a penalty order if the penalty amount exceeds the limit specified in sub-section (2) of section 274 of the Act.
Section 271BB is being omitted because the related Section 88A, which it referenced for penalties on capital issue subscriptions, was already omitted retrospectively from 1st April 1994. Therefore, Section 271BB is no longer relevant.
These amendments will take effect from the 1st day of April, 2025.
CAclubindia
