Section 271AAD, which was inserted by the Finance Act 2020 to levy penalty for ‘existence of any false entry’ or ‘omitting any entry’ has given rise to a controversy as to whether it applies to the assessment year 2020-21 or later. There is also debate on the precise meaning of the term “false entry”. CA. Pankaj Agrwal has considered both aspects and expressed his opinion in a clear manner
The Finance Act 2020 has inserted a new section 271AAD and has created flutter in professional circles for several reasons. I have the privilege of going through the views of eminent professional through their write up and presentation in webinars. I ponder on the subject and wish to complement with my views.