Tax sought to be evaded: compute compounding fee on the tax difference between assessed income and original return income. Computation of the tax sought to be evaded for compounding is the tax on the difference between tax on income determined in assessment and tax on income shown in the original regular return; where no regular return exists, that tax is treated as nil. The explanation requires using the maximum marginal rate for certain assessment types and the statutory tax basis for specified reassessment provisions, and applies to pending and subsequent compounding petitions from the effective date.
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.
Tax sought to be evaded: compute compounding fee on the tax difference between assessed income and original return income.
Computation of the tax sought to be evaded for compounding is the tax on the difference between tax on income determined in assessment and tax on income shown in the original regular return; where no regular return exists, that tax is treated as nil. The explanation requires using the maximum marginal rate for certain assessment types and the statutory tax basis for specified reassessment provisions, and applies to pending and subsequent compounding petitions from the effective date.
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