Penalties & Prosecutions under Income Tax Act.
1. Penalties under Income Tax Act. The various defaults in respect of which Penalty can be imposed by the Income Tax Department are summaries in details. (1) [Section 271AAB(1A)]- Penalty where search has been initiated on or after 15.12.2016 The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, …