RULE 97 INCOME-TAX RULES 2026 RULE 97 INCOME-TAX RULES 2026 Safe harbour for eligible specified domestic transaction. 97. (1) The transfer price declared by an eligible assessee in respect of an eligible specified domestic transaction for a tax year shall be accepted by the income-tax authorities, if,— (a) the option exercised by the said assessee is… Read More »
Section 446 Income Tax Act 2025 Failure to get accounts audited. 446 . If any person fails to get his accounts audited for any tax year or years or furnish the audit report as required under section 63, the Assessing Officer may impose a penalty on such person, which shall be the lesser of— (a) 0.5% of… Read More »
Section 445 Income Tax Act 2025 Benefits to related persons. 445 . If during any proceedings under this Act, it is found that a person being a registered non-profit organisation has any specified income which is chargeable to tax as per section 337 (Table: Sl. No. 2), the Assessing Officer may impose on such person, a penalty of—… Read More »
Section 444 Income Tax Act 2025 Penalty for false entry, etc., in books of account. 444. (1) The Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals), may impose a penalty equal to the aggregate amount of false or omitted entry, where during any proceeding under this Act, it is found that in the… Read More »
Section 443 Income Tax Act 2025 Penalty in respect of certain income. 443. (1) The Assessing Officer or the Joint Commissioner (Appeals) or Commissioner (Appeals) may impose a penalty of 10% of the tax payable under section 195(1)(i), on an assessee if the income determined in his case for any tax year includes any income referred to… Read More »
Section 442 Income Tax Act 2025 Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions. 442. (1) The Assessing Officer or Commissioner (Appeals) may impose a penalty of 2% of the value of each international transaction or specified domestic transaction entered into by a person, if in respect of… Read More »
Section 437 Income Tax Act 2025 Interest on refunds. 437 . (1) Where a refund is due to the assessee under this Act, he shall, subject to the provisions of this section, be entitled to receive, in addition to the refund, simple interest thereon calculated at the rate of 0.5% for every month or part of… Read More »
Section 366 Income Tax Act 2025 Case before High Court to be heard by not less than two Judges. 366. (1) When an appeal has been filed before the High Court under section 365, it shall be heard by a bench of not less than two Judges of the High Court, and shall be decided as per… Read More »
Section 365 Income Tax Act 2025 3. -Appeals to High Court Appeal to High Court. 365. (1) An appeal shall lie to the High Court from every order passed in appeal by the Appellate Tribunal, if the High Court is satisfied that the case involves a substantial question of law. (2) The Principal Chief Commissioner or Chief… Read More »
Section 364 Income Tax Act 2025 Procedure of Appellate Tribunal. 364. (1) The powers and functions of the Appellate Tribunal may be exercised and discharged by Benches constituted by the President of the Appellate Tribunal from among the members thereof. (2) Subject to the provisions contained in sub-section (3), a Bench shall consist of one Judicial… Read More »