Penalty regime for concealment and inaccurate particulars tightened with approval requirement and aggregate cap on penalties. The amendment restructures section 18's penalty framework: a monthly percentage penalty for continuing defaults; a variable penalty (with prescribed minimum and maximum proportions) where returned net wealth would have reduced tax; and a multiple-based penalty for concealment or inaccurate particulars defined by explanations that specify how the tax sought to be evaded is calculated, treat unsubstantiated explanations as concealment, deem late non-filing in specified circumstances to be concealment, and treat materially understated asset values as inaccurate. It adds an approval requirement from the Inspecting Assistant Commissioner where concealment penalties exceed a monetary threshold and caps aggregate penalties at a stated multiple of the tax sought to be evaded. The limitation period excludes immunity periods, re-hearing time, and stays by court orders.
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Provisions expressly mentioned in the judgment/order text.
Penalty regime for concealment and inaccurate particulars tightened with approval requirement and aggregate cap on penalties.
The amendment restructures section 18's penalty framework: a monthly percentage penalty for continuing defaults; a variable penalty (with prescribed minimum and maximum proportions) where returned net wealth would have reduced tax; and a multiple-based penalty for concealment or inaccurate particulars defined by explanations that specify how the tax sought to be evaded is calculated, treat unsubstantiated explanations as concealment, deem late non-filing in specified circumstances to be concealment, and treat materially understated asset values as inaccurate. It adds an approval requirement from the Inspecting Assistant Commissioner where concealment penalties exceed a monetary threshold and caps aggregate penalties at a stated multiple of the tax sought to be evaded. The limitation period excludes immunity periods, re-hearing time, and stays by court orders.
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