TaxTMI 
TaxTMI 
Levy of interest and penalty in certain cases
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....ermined under clause (c) of sub-section (1) of section 158BC, for every month or part of a month comprised in the period commencing on the day immediately following the expiry of the time specified in the notice, and ending on the date of completion of assessment under clause (c) of sub-section (1) of section 158BC. (2) The Assessing Officer or the Commissioner (Appeals) in the course of any proceedings under this Chapter, may direct that the person shall pay by way of penalty a sum which shall be equal to fifty per cent. of tax so leviable in respect of the undisclosed income determined by the Assessing Officer under clause (c) of sub-section (1) of section 158BC: Provided that no order imposing penalty under this section or sub-section ....
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....to the Commissioner (Appeals) under section 246A or an appeal to the Appellate Tribunal under section 253, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the financial year in which the order of the Commissioner (Appeals) or, as the case may be, the Appellate Tribunal is received by the Principal Commissioner or Commissioner, whichever period expires later; (d) in a case where the assessment is the subject-matter of revision under section 263, after the expiry of six months from the end of the financial year in which such order of revision is passed; (e) in any case other than those mentioned in ....
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....tax authority on making an order under sub-section (2) imposing a penalty, unless he is himself an Assessing Officer, shall forthwith send a copy of such order to the Assessing Officer.] **************** NOTES:- 1. Inserted vide Section 6 of the Income-tax (Amendment) Act, 1997 w.e.f. 01-01-1997 2. Substituted vide Section 7 of the Taxation Laws (Amendment) Act, 2003 w.e.f. 08-09-2003 before it was read as, "one and one-fourth" Earlier, Substituted vide Section 67 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "two" 3. Inserted vide Section 3 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 4. Inserted vide Section 3 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 ....
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.... on the date of furnishing the return; or (b) where no return has been furnished, on the date of completion of assessment under clause (c) of section 158BC. (2) The Assessing Officer or the Commissioner (Appeals) in the course of any proceedings under this Chapter, may direct that a person shall pay by way of penalty a sum which shall not be less than the amount of tax leviable but which shall not exceed three times the amount of tax so leviable in respect of the undisclosed income determined by the Assessing Officer under clause (c) of section 158BC : Provided that no order imposing penalty shall be made in respect of a person if- (i) such person has furnished a return under clause (a) of section 158BC; (ii) the tax payable on th....
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....mpleted, or six months from the end of the month in which the order of the Commissioner (Appeals) or, as the case may be, the Appellate Tribunal is received by the 8[Principal Chief Commissioner or] Chief Commissioner or the 8A[Principal Commissioner or] Commissioner, whichever period expires later; (d) in a case where the assessment is the subject-matter of revision under section 263, after the expiry of six months from the end of the month in which such order of revision is passed; (e) in any case other than those mentioned in clauses (c) and (d), after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of ....