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of <h1>10% penalty under section 195(1)(i) for income under sections 102-106, waived if disclosed and tax paid under section 263</h1> An assessing officer, joint commissioner (appeals) or commissioner (appeals) may impose a penalty equal to 10% of the tax payable under section 195(1)(i) where an assessee's income for a year includes amounts under sections 102-106; this penalty is in addition to the tax under section 195. No penalty applies to the extent such income was disclosed in the return filed under section 263 and the tax under section 195(1)(i) was paid by the end of the relevant year. No penalty under section 439 may be imposed in respect of the same income.
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