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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Penalties for Concealing or Misreporting Expenditure Under Section 17 of Expenditure-tax Act, 1987: Fines Up to Double Tax Evaded.</h1> Section 17 of the Expenditure-tax Act, 1987, addresses penalties for concealing or inaccurately reporting chargeable expenditure. If an Assessing Officer or Commissioner (Appeals) determines that a person has concealed or inaccurately reported such expenditure, they may impose a penalty ranging from the amount of tax evaded to twice that amount. If the concealed or inaccurately reported expenditure exceeds twenty-five thousand rupees, the Assessing Officer must obtain prior approval from the Additional or Deputy Commissioner before directing payment of the penalty.
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