Levy of 100% of Tax sought to be Evaded u/s 271AAA of Income Tax Act is Not “Typographical Error”: ITAT [Read Order]

By Aparna. M - On January 27, 2023 2:30 pm - 2 mins read
Tax - Income Tax Act - Income Tax - Typographical Error - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) recently held that levy of 100% of tax sought to be evaded under section 271AAA of Income Tax Act is not typographical error. Section 271AAA Income Tax Act 1961 says that penalty levied in case of failure to keep and maintain information and documents related to international transactions section 271(1)(c)…

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