India - Income Tax Act 2010 - Saarc

S. 274 I.T. ACT, 1961 1.92468[Penalty not to be imposed in certain cases.273B. Notwithstanding anything contained in the provisions of 69 [clause (b) ofsub-section (1) of] 70 [section 271, section 271A, 71 [section 271AA,] section271B 72 [, section 271BA], 73 [section 271BB,] section 271C, 74 [section 271CA,]section 271D, section 271E, 75 [section 271F, 76 [section 271FA,] 77 [section 271FB,]78[section 271G,]] clause (c) or clause (d) of sub-section (1) or sub-section (2) ofsection 272A, sub-section (1) of section 272AA] or 79 [section 272B or] 80 [subsection(1) 81 [or sub-section (1A)] of section 272BB or] 82 [sub-section (1) of section272BBB or] clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section(2) of section 273, no penalty shall be imposable on the person or the assessee, asthe case may be, for any failure referred to in the said provisions if he proves thatthere was reasonable cause 83 for the said failure.]Procedure.274. (1) No order imposing a penalty under this Chapter shall be made unlessthe assessee has been heard, or has been given a reasonable opportunity ofbeing heard.84[(2) No order imposing a penalty under this Chapter shall be made—(a) by the Income-tax Officer, where the penalty exceeds ten thousandrupees;(b) by the Assistant Commissioner 85 [or Deputy Commissioner], wherethe penalty exceeds twenty thousand rupees,except with the prior approval of the 86 [Joint] Commissioner.]68. Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f.10-9-1986.69. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.70. Substituted for “section 270, clause (a) or clause (b) of sub-section (1) of section 271,section 271A, section 271B, sub-section (2) of section 272A, sub-section (1) of section272AA, sub-section (1) of section 272B” by the Direct Tax Laws (Amendment) Act, 1987,w.e.f. 1-4-1989.71. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.72. Inserted, ibid.73. Inserted by the Finance Act, 1990, w.e.f. 1-4-1990.74. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.75. Inserted by the Finance Act, 1997, w.e.f. 1-4-1997.76. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.77. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.78. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.79. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.80. Inserted by the Finance Act, 1987, w.e.f. 1-6-1987.81. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006.82. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.83. For the meaning of expression “reasonable cause”, see Taxmann’s Direct Taxes Manual,Vol 3.84. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original subsection(2) which was amended by the Taxation Laws (Amendment) Act, 1970, w.e.f.1-4-1971, was omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1975.85. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.86. Substituted for “Deputy”, ibid.