{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"100","heading":"Insertion of new section 271AAD","text":"Insertion of new section 271AAD. 100. After section 271AAC of the Income-tax Act, the following section shall be inserted, namely:— '271AAD. Penalty for false entry, etc., in books of account.—(1) Without prejudice to any other provisions of this Act, if during any proceeding under this Act, it is found that in the books of account maintained by any person there is— (i) | a false entry; or (ii) | an omission of any entry which is relevant for computation of total income of such person, to evade tax liability, the Assessing Officer may direct that such person shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry. (2) Without prejudice to the provisions of sub-section (1), the Assessing Officer may direct that any other person, who causes the person referred to in sub-section (1) in any manner to make a false entry or omits or causes to omit any entry referred to in that sub-section, shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry. Explanation.—For the purposes of this section, \"false entry\" includes use or intention to use— (a) | forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence; or (b) | invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both; or (c) | invoice in respect of supply or receipt of goods or services or both to or from a person who does not exist.'.","html":"<p><b>Insertion of new section 271AAD.</b></p><p><b>100.</b> After section 271AAC of the Income-tax Act, the following section shall be inserted, namely:—</p><p>'271AAD. <i>Penalty for false entry, etc., in books of account.</i>—(1) Without prejudice to any other provisions of this Act, if during any proceeding under this Act, it is found that in the books of account maintained by any person there is—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>a false entry; or</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>an omission of any entry which is relevant for computation of total income of such person, to evade tax liability,</td></tr></table></div><p>the Assessing Officer may direct that such person shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry.</p><p><span class=\"num\">(2)</span> Without prejudice to the provisions of sub-section (1), the Assessing Officer may direct that any other person, who causes the person referred to in sub-section (1) in any manner to make a false entry or omits or causes to omit any entry referred to in that sub-section, shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry.</p><p><i>Explanation</i>.—For the purposes of this section, \"false entry\" includes use or intention to use—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>invoice in respect of supply or receipt of goods or services or both to or from a person who does not exist.'.</td></tr></table></div>","words":278,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/100/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}