Insertion of new section 271AAE
Section 77 of the Finance Act, 2022 deals with insertion of new section 271AAE. Insertion of new section 271AAE. 77. After section 271AAD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2023, namely:— "271AAE.
Insertion of new section 271AAE.
77. After section 271AAD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2023, namely:—
"271AAE. Benefits to related persons.— Without prejudice to any other provision of this Chapter, if during any proceedings under this Act, it is found that a person, being any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) of clause (23C) of section 10, or any trust or institution referred to in section 11 has violated the provisions of the twenty-first proviso to clause (23C) of section 10, or clause (c) of sub-section (1) of section 13, as the case may be, the Assessing Officer may direct that such person shall pay by way of penalty—
Section 77, The Finance Act, 2022 (Act 6 of 2022).
(a) a sum equal to the aggregate amount of income applied, directly or indirectly, by such person, for the benefit of any person referred to in sub-section (3) of section 13, where the violation is noticed for the first time during any previous year; and (b) a sum equal to two hundred per cent. of the aggregate amount of income of such person applied, directly or indirectly, by that person, for the benefit of any person referred to in sub-section (3) of section 13, where violation is noticed again in any subsequent previous year.".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 77
What does Section 77 of the Finance Act deal with?
Section 77 of the Finance Act is headed "Insertion of new section 271AAE". Insertion of new section 271AAE. 77. After section 271AAD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2023, namely:— "271AAE.
How do I find court cases under Section 77 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2022 77, section 77 Finance Act 2022, section 77 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 77 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 17), section 11 (Amendment of section 35), section 13 (Amendment of section 40), Income-tax Act 271AAD (Penalty for false entry, etc., in books of account), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2022 as Act 6 of 2022. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule9792 words
- 2. Income-tax6839 words
- 42. Amendment of section 144B3753 words
- 4. Amendment of section 103713 words
- 39. Insertion of new section 140B1269 words
- 31. Amendment of section 115TD965 words
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