Section 74 compliance: timely payment of tax, interest and prescribed penalty concludes the proceedings under the provision. Where a notice under Section 74 is issued, if the noticee pays the tax due with interest and a penalty equal to 25% of such tax within thirty days of the ... Summary
Section 74 compliance: timely payment of tax, interest and prescribed penalty concludes the proceedings under the provision.
Where a notice under Section 74 is issued, if the noticee pays the tax due with interest and a penalty equal to 25% of such tax within thirty days of the notice, then under Section 74(8) all proceedings in respect of that notice shall be deemed to be concluded.
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