TaxTMI 
TaxTMI 
Insertion of new section 9A
X X X X Extracts X X X X
X X X X Extracts X X X X
....lar assessment for any assessment year, is satisfied that any assessee - (a) has furnished under clause (a) of sub-section (5) of section 7A a statement of advance surtax payable by him which he knew or had reason to believe to be untrue, or (b) has without reasonable cause failed to furnish a statement of the advance surtax payable by him in accordance with the provisions of clause (a) of sub....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o in clause (b), shall not be less than ten per cent. but shall not exceed one and a half times of eighty-three and one-third per cent. of the assessed surtax. (2) If the Income-tax Officer, in the course of any proceedings in connection with the regular assessment for any assessment year, is satisfied that any assessee - (a) has furnished under clause (b) of sub-section (5) or sub-section (6)....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... sum - (i) which, in the case referred to in clause (a), shall not be less than ten per cent. but shall not exceed one and a half times the amount by which the surtax actually paid during the financial year immediately preceding the assessment year under the provisions of section 7A falls short of - (1) eighty-three and one-third per cent. of the assessed surtax, or (2) where a statement und....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... exceed one and a half times the amount of surtax payable in accordance with a statement under clause (a) or an estimate under clause (b) of sub-section (5) of section 7A or an estimate in lieu of a statement under sub-section (6) of that section falls short of eighty-three and one-third per cent. of the assessed surtax. Explanation : Where the Commissioner has, in exercise of the powers conferr....