Penalties Imposable Under Income Tax Law

Author: Ram Dutt Sharma 

Year: 2023

Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. This book is about the provisions relating to various penalties leviable under the Income-tax Act.

As a matter of fact, violation of the rules or statutory provisions of any kind is almost the order of the day, more particularly in this country. It is this factor which is the reason behind so many of the provisions in fiscal enactments being meant for imposing adverse penal consequences against violation of the rules which ought to be followed. Income Tax Act could not have been an exception and, therefore, a whole Chapter XXI, entitled “Penalties Imposable” and comprising as many as more than 38 Sections [spread between sections 270 to 275] are devoted thereto.

This entire book has been devised with a view to provide a thorough and analytical study of the related provisions which are generally sought to be invoked by tax authorities while making assessment in pursuance of a search or survey or at the time of completing a scrutiny assessment under the Income Tax Act, 1961.

This book incorporates the latest amendments brought about by the Finance Act, 2023. Apart from incorporating the all important judicial pronouncements available to us upto April 2023 have also been included in this book.