Deemed voluntary disclosure after seizure enables remission but creates Board approval for large penalty reductions. Amendment to section 273A adds Explanation 2 deeming a disclosure made within fifteen days of seizure under section 132 to be voluntary and in good faith ... Summary
Deemed voluntary disclosure after seizure enables remission but creates Board approval for large penalty reductions.
Amendment to section 273A adds Explanation 2 deeming a disclosure made within fifteen days of seizure under section 132 to be voluntary and in good faith if full and true income disclosure is made to the Commissioner; raises the monetary threshold in sub-section (2)(a); and adds a proviso to sub-section (4) requiring prior Board approval before the Commissioner may reduce, waive or compound penalties exceeding the higher threshold.
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