Section 271AAD of Income Tax Act 1961, Penalty for false entry, etc., in books of account

Penalty for false entry, etc., in books of account is defined under section 271AAD of Income Tax Act 1961. Provisions under this Section are:

Section 271AAD of Income Tax Act "Penalty for false entry, etc., in books of account"

271AAD. (1) Without prejudice to any other provisions of this Act, if during any proceeding under this Act, it is found that in the books of account maintained by any person there is-

(i) a false entry; or

(ii) an omission of any entry which is relevant for computation of total income of such person, to evade tax liability,

the Assessing Officer may direct that such person shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry.

 

(2) Without prejudice to the provisions of sub-section (1), the Assessing Officer may direct that any other person, who causes the person referred to in sub-section (1) in any manner to make a false entry or omits or causes to omit any entry referred to in that sub-section, shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry.

Explanation.-For the purposes of this section, "false entry" includes use or intention to use-

(a) forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence; or

(b) invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both; or

(c) invoice in respect of supply or receipt of goods or services or both to or from a person who does not exist.]

Income Tax Act 1961

What is Failure to furnish returns, comply with notices, concealment of income, etc? Section 271 of Income Tax Act 1961

What is Failure to keep, maintain or retain books of account, documents, etc? What is Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions? Section 271A and 271AA of Income Tax Act 1961

What is Penalty where search has been initiated? What is Penalty where search has been initiated? Section 271AAA and 271AAB of Income Tax Act 1961

Section 271AAC Penalty in respect of certain income

Section 271AAD Penalty for false entry, etc., in books of account

What is the meaning of Failure to get accounts audited? What is the Penalty for failure to furnish report under section 92E? Section 271B and 271BA of Income Tax Act 1961

What is the meaning of Failure to subscribe to the eligible issue of capital? What is Penalty for failure to deduct tax at source? Section 271BB and 271C of Income Tax Act 1961

What is Penalty for failure to collect tax at source? What is Penalty for failure to comply with the provisions of section 269SS? Section 271CA and 271D of Income Tax Act 1961

What is Penalty for failure to comply with the provisions of section 269T? What is Penalty for failure to furnish return of income? Section 271E and 271F of Income Tax Act 1961

What is Penalty for failure to furnish statement of financial transaction or reportable account? What is Penalty for furnishing inaccurate statement of financial transaction or reportable account? Section 271FA and 271FAA of Income Tax Act 1961

What is Penalty for failure to furnish statement or information or document by an eligible investment fund? What is Penalty for failure to furnish return of fringe benefits? Section 271FAB and 271FB of Income Tax Act 1961

What is Penalty for failure to furnish information or document under section 92D? What is Penalty for failure to furnish information or document under section 285A? Section 271G and 271GA of Income Tax Act 1961

What is Penalty for failure to furnish statements, etc? What is Penalty for failure to furnish information or furnishing inaccurate information under section 195? Section 271H and 271I of Income Tax Act 1961