Amended and updated notes on section 292 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Cognizance of offences.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 292 of IT Act 1961 provides for Cognizance of offences.
Recently, we have discussed in detail section 291 (Power to tender immunity from prosecution) of IT Act 1961. Today, we learn the provisions of section 292 of Income-tax Act 1961. The amended provision of section 292 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 292 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-292: Cognizance of offences
No court inferior to that of a presidency magistrate or a magistrate of the first class shall try any offence under this Act.