Voluntary disclosure permits penalty reduction when a dealer admits tax deficiency and promptly pays and revises returns. The circular prescribes a voluntary disclosure process under Section 87(6) permitting penalty reduction where a dealer admits tax deficiency during Section 60 proceedings, records un vouched/unaccounted retail cash sales by suitable accounting entries, pays the admitted tax within the short prescribed period following those proceedings, and files revised returns under Section 28; if the Enforcement Assessing Officer accepts the revised return, default assessment need not follow.
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.
Voluntary disclosure permits penalty reduction when a dealer admits tax deficiency and promptly pays and revises returns.
The circular prescribes a voluntary disclosure process under Section 87(6) permitting penalty reduction where a dealer admits tax deficiency during Section 60 proceedings, records un vouched/unaccounted retail cash sales by suitable accounting entries, pays the admitted tax within the short prescribed period following those proceedings, and files revised returns under Section 28; if the Enforcement Assessing Officer accepts the revised return, default assessment need not follow.
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