Section 274 of ITA, 1961 : Section 274: Procedure

ITA, 1961

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Explanation using Example

Imagine Mr. Sharma, a businessman, files his income tax return but omits some income from his rental property. The Income Tax Department conducts an assessment and determines that he should have paid more tax. They decide to impose a penalty for the underreported income. According to Section 274 of the Income-tax Act, 1961:

Before finalizing the penalty, the tax authorities must give Mr. Sharma a chance to present his case. This means they...

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Explanation using Example

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