Declaration of higher income before 31-3-86 for earlier assessment year-Liability of penalty under section 10 of Compulsory Deposit Scheme (Income-tax Payers) Act, 1974-Clarification regarding
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Declaration of higher income prompts liberal consideration of penalty under the Compulsory Deposit Scheme for voluntary disclosures. When an assessee makes a suo motu declaration of higher income in response to the Board's amnesty circulars within the prescribed or extended amnesty ... Summary
Declaration of higher income prompts liberal consideration of penalty under the Compulsory Deposit Scheme for voluntary disclosures.
When an assessee makes a suo motu declaration of higher income in response to the Board's amnesty circulars within the prescribed or extended amnesty period, the Department will take a liberal and sympathetic view in considering the applicability of section 10 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 to penalty liability, and instructions to that effect have been issued to departmental officers.
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