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For income first returned in response to a reassessment notice,...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting category.
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For income first returned in response to a reassessment notice, assessed income is compared with the maximum amount not chargeable to tax, so acceptance of the returned income without additions does not eliminate under-reporting. The exclusion from under-reported income is unavailable where the taxpayer gives no explanation for not filing an original return despite taxable income and files only after reassessment begins. Enhanced misreporting penalty requires proof that the under-reporting resulted from a specified statutory misreporting category. Explaining cash deposits as petrol-pump sales, with no resulting addition, and merely failing to file the original return do not alone establish misreporting. Penalty is therefore limited to the rate applicable to under-reported income, subject to statutory verification.
For income first returned in response to a reassessment notice, assessed income is compared with the maximum amount not chargeable to tax, so acceptance of the returned income without additions does not eliminate under-reporting. The exclusion from under-reported income is unavailable where the taxpayer gives no explanation for not filing an original return despite taxable income and files only after reassessment begins. Enhanced misreporting penalty requires proof that the under-reporting resulted from a specified statutory misreporting category. Explaining cash deposits as petrol-pump sales, with no resulting addition, and merely failing to file the original return do not alone establish misreporting. Penalty is therefore limited to the rate applicable to under-reported income, subject to statutory verification.
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