Deemed satisfaction for penalty initiation: assessment orders adding or disallowing wealth permit commencement of penalty proceedings. Where an amount is added or disallowed in computing net wealth in an assessment or reassessment and the order contains a direction to initiate penalty ... Summary
Deemed satisfaction for penalty initiation: assessment orders adding or disallowing wealth permit commencement of penalty proceedings.
Where an amount is added or disallowed in computing net wealth in an assessment or reassessment and the order contains a direction to initiate penalty proceedings under clause (c) of sub section (1), that assessment or reassessment order is deemed to constitute satisfaction of the Assessing Officer for initiation of those penalty proceedings; the provision is given retrospective effect from the stated operative date.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1
Join Channel
TaxTMI 
