https://www.taxtmi.com/acts?id=11002 Liability for a penalty arises where a person has willfully under reported the tax base, deemed when returns are not filed timely or when assessed or reassessed tax base exceeds disclosed tax base. The penalty is a monetary sum tied to the tax on the aggregate amount of additions or disallowances made in assessment, reassessment, revision or appeal, with specific inclusions for assets or entries found in searches and specified exclusions for bona fide explanations, certain estimates, self disclosed lower amounts, pre paid taxes and separately treated undisclosed tax base. Penalty is imposed by written order of the authority determining the under reporting. en-us Thu, 20 Aug 2009 13:54:27 +0530 Thu, 20 Aug 2009 13:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11002 Liability for a penalty arises where a person has willfully under reported the tax base, deemed when returns are not filed timely or when assessed or reassessed tax base exceeds disclosed tax base. The penalty is a monetary sum tied to the tax on the aggregate amount of additions or disallowances made in assessment, reassessment, revision or appeal, with specific inclusions for assets or entries found in searches and specified exclusions for bona fide explanations, certain estimates, self disclosed lower amounts, pre paid taxes and separately treated undisclosed tax base. Penalty is imposed by written order of the authority determining the under reporting. Act-Rules Bills Thu, 20 Aug 2009 13:54:27 +0530 https://www.taxtmi.com/acts?id=11002