Under-reported income penalty governs assessed income gaps, misreporting cases, exclusions, and written imposition by competent authority. Penalty may be imposed during proceedings for under-reported income, and the amount is payable in addition to tax. Under-reported income covers cases where assessed income exceeds returned income, where income is assessed for the first time without a return, where reassessment increases income, where deemed total income is understated, or where assessment reduces loss or converts loss into income. The provision also prescribes exclusions, computation rules, enhanced penalty for misreporting, and the authorities empowered to impose penalty by written order.
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-reported income penalty governs assessed income gaps, misreporting cases, exclusions, and written imposition by competent authority.
Penalty may be imposed during proceedings for under-reported income, and the amount is payable in addition to tax. Under-reported income covers cases where assessed income exceeds returned income, where income is assessed for the first time without a return, where reassessment increases income, where deemed total income is understated, or where assessment reduces loss or converts loss into income. The provision also prescribes exclusions, computation rules, enhanced penalty for misreporting, and the authorities empowered to impose penalty by written order.
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