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 u
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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.
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