Clause 443 - Penalty in respect of certain income.

Penalty for undisclosed specified income may be imposed where income includes cash credits or unexplained investments unless tax paid.

The provision empowers revenue officers to impose a penalty of ten percent of the tax payable under section 195(1)(i) where an assessee's income includes specified categories-cash credits, unexplained investments, unexplained money, unexplained expenditure, investment amounts not in books, or hundi borrowings/repayments-payable in addition to tax; exemption applies where such income was declared and tax paid in the return by the end of the relevant year, and certain procedural sections apply to the penalty's administration.