Under-reporting penalty: returns filed for the first time on reopening treated as triggering penalty when assessed income exceeds non-taxable threshold. The amendment treats returns furnished for the first time in reopened assessments as equivalent to non-filing for imposition of penalty, substituting statutory text so that under-reporting is triggered where assessed income exceeds the maximum amount not chargeable to tax. For companies, firms or local authorities under-reported income is the assessed income; for others it is the excess over the maximum non-taxable amount. Tax on under-reported income is computed by adding the maximum non-taxable amount to the under-reported income as if it were total income.
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.
Under-reporting penalty: returns filed for the first time on reopening treated as triggering penalty when assessed income exceeds non-taxable threshold.
The amendment treats returns furnished for the first time in reopened assessments as equivalent to non-filing for imposition of penalty, substituting statutory text so that under-reporting is triggered where assessed income exceeds the maximum amount not chargeable to tax. For companies, firms or local authorities under-reported income is the assessed income; for others it is the excess over the maximum non-taxable amount. Tax on under-reported income is computed by adding the maximum non-taxable amount to the under-reported income as if it were total income.
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