Additional income-tax imposed when assessed income exceeds returned income; procedural adjustments and waiver mechanisms follow. A new Chapter XIV-B imposes additional income-tax where assessed income exceeds returned income, with the Assessing Officer ordering payment of additional tax on the excess and rules defining returned income for multiple returns, non-filing, late filing after notice, and loss returns. The provision provides for adjustment of the additional tax following reassessment or other orders, discretionary waiver or reduction by the Commissioner for bona fide explanations subject to conditions, and special search-related exclusions unless income was recorded or disclosed before or during the search with tax paid.
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Additional income-tax imposed when assessed income exceeds returned income; procedural adjustments and waiver mechanisms follow.
A new Chapter XIV-B imposes additional income-tax where assessed income exceeds returned income, with the Assessing Officer ordering payment of additional tax on the excess and rules defining returned income for multiple returns, non-filing, late filing after notice, and loss returns. The provision provides for adjustment of the additional tax following reassessment or other orders, discretionary waiver or reduction by the Commissioner for bona fide explanations subject to conditions, and special search-related exclusions unless income was recorded or disclosed before or during the search with tax paid.
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