Penalty for concealment of income set as a fixed rate and subsection expanded to add related penalty cross-reference. The amendment replaces the prior range-based penalty with a provision that the penalty be computed at the rate of sixty per cent, and inserts a cross-reference to section 270A into subsection (2), thereby linking the penalty provision to the related penalty framework.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for concealment of income set as a fixed rate and subsection expanded to add related penalty cross-reference.
The amendment replaces the prior range-based penalty with a provision that the penalty be computed at the rate of sixty per cent, and inserts a cross-reference to section 270A into subsection (2), thereby linking the penalty provision to the related penalty framework.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.