Penalty for undisclosed income: conditional lower penalty for admission, substantiation, tax payment and return filing; higher penalty otherwise. The amendment empowers the Assessing Officer to direct a penalty on undisclosed income when a search is initiated on or after the amending Act's assent date. A conditional, lower penalty applies if the assessee admits and substantiates the undisclosed income during the search, pays tax with interest and files the return for the specified previous year by the specified date; otherwise a higher penalty applies. The adjacent subsection's cross-reference is amended to include the new provision.
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 undisclosed income: conditional lower penalty for admission, substantiation, tax payment and return filing; higher penalty otherwise.
The amendment empowers the Assessing Officer to direct a penalty on undisclosed income when a search is initiated on or after the amending Act's assent date. A conditional, lower penalty applies if the assessee admits and substantiates the undisclosed income during the search, pays tax with interest and files the return for the specified previous year by the specified date; otherwise a higher penalty applies. The adjacent subsection's cross-reference is amended to include the new provision.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
