TMI BlogFailure to furnish returns, comply with notices, concealment of income, etcX X X X Extracts X X X X X X X X Extracts X X X X ..... [( ii ) in the cases referred to in clause ( b ), 15 [in addition to tax, if any, payable] by him, 16 [a sum of ten thousand rupees] for each such failure ;] 17 [( iii ) in the cases referred to in clause ( c ) 18 [or clause ( d )], 19 [in addition to tax, if any, payable] by him, a sum which shall not be less than, but which shall not exceed 20 [three times], the amount of tax sought to be evaded by reason of the concealment of particulars of his income 21 [or fringe benefits] or the furnishing of inaccurate particulars of such income 22 [or fringe benefits]. 23 [* * *]] 24 [ Explanation 1. -Where in respect of any facts material to the computation of the total income of any person under this Act,- ( A ) such person fails to offer an explanation or offers an explanation which is found by the 25 [Assessing] Officer or 57 [ the Joint Commissioner (Appeals) or the Commissioner (Appeals) ] 28 [or the 54 [Principal Commissioner or] Commissioner] to be false, or ( B ) such person offers an explanation which he is not able to substantiate 29 [and fails to prove that such explanation is bona fide and that all the facts relating t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... foresaid, no notice has been issued to him under clause ( i ) of sub-section (1) of section 142 or section 148 and the Assessing Officer or 57 [ the Joint Commissioner (Appeals) or the Commissioner (Appeals) ] is satisfied that in respect of such assessment year such person has taxable income, then, such person shall, for the purposes of clause ( c ) of this sub-section, be deemed to have concealed the particulars of his income in respect of such assessment year, notwithstanding that such person furnishes a return of his income at any time after the expiry of the period aforesaid in pursuance of a notice under section 148.] 55 [ Explanation 4. - For the purposes of clause (iii) of this sub-section,- (a) the amount of tax sought to be evaded shall be determined in accordance with the following formula- (A - B) + (C - D) where, A = amount of tax on the total income assessed as per the provisions other than the provisions contained in section 115JB or section 115JC (herein called general provisions); B = amount of tax that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of income in respect of wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) for any previous year which has ended before the date of the search, but the return of income for such year has not been furnished before the said date or, where such return has been furnished before the said date, such income has not been declared therein ; or ( b ) for any previous year which is to end on or after the date of the search, then, notwithstanding that such income is declared by him in any return of income furnished on or after the date of the search, he shall, for the purposes of imposition of a penalty under clause ( c ) of sub-section (1) of this section, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income, 38 [unless,- ( 1 ) such income is, or the transactions resulting in such income are recorded,- ( i ) in a case falling under clause ( a ), before the date of the search ; and ( ii ) in a case falling under clause ( b ), on or before such date, in the books of account, if any, maintained by him for any source of income or such income is otherwise disclosed to the 39 [ 54 [Principal Chief Commissioner or] Chief Commissioner or 54 [Principal Commissioner or] Commissioner] before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction ] defined in section 92B, any amount is added or disallowed in computing the total income under sub-section (4) of section 92C, then, the amount so added or disallowed shall, for the purposes of clause ( c ) of this sub-section, be deemed to represent the income in respect of which particulars have been concealed or inaccurate particulars have been furnished, unless the assessee proves to the satisfaction of the Assessing Officer or 57 [ the Joint Commissioner (Appeals) or the Commissioner (Appeals) ] 44 [or the 54 [Principal Commissioner or] Commissioner] that the price charged or paid in such transaction was computed in accordance with the provisions contained in section 92C and in the manner prescribed under that section, in good faith and with due diligence.] 45 [ (1A) Where any penalty is imposable by virtue of Explanation 2 to sub- section (1), proceedings for the imposition of such penalty may be initiated notwithstanding that any proceedings under this Act in the course of which such penalty proceedings could have been initiated under sub-section (1) have been completed. ] 52 [ (1B) Where any amount is added or disallowed in computing the total in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose provisions as for the time being in force and applicable to the relevant assessment year.] 51 [(6) Any reference in this section to the income shall be construed as a reference to the income or fringe benefits, as the case may be, and the provisions of this section shall, as far as may be, apply in relation to any assessment in respect of fringe benefits also.] 56 [(7) The provisions of this section shall not apply to and in relation to any assessment for the assessment year commencing on or after the 1st day of April, 2017] ----------------------------------- Notes:- 1. Restored to its original version by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 2. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 3. Words Deputy Commissioner (Appeals) or the omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier, Deputy Commissioner (Appeals) was substituted for Appellate Assistant Commissioner by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and or the was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 4. Inserted by the Finance (No. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls) or the omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier, Deputy Commissioner (Appeals) was substituted for Appellate Assistant Commissioner by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and or the was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 27. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 28. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002. 29. Inserted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 30. Proviso omitted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 31. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its substitution, Explanation 3 was amended by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 32. Words who has not previously been assessed under this Act, omitted by the Finance Act, 2002, w.e.f. 1-4-2003. 33. Words Deputy Commissioner (Appeals) or the omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 34. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, clause (a) read as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9, w.e.f. 1-4-1989. 43. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 44. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002. 45 . Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 46. Prior to its omission, sub-section (3) was amended by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 47. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 48 . Words Deputy Commissioner (Appeals) or the omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier, Deputy Commissioner (Appeals) was substituted for Appellate Assistant Commissioner by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and or the was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 49. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 50. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 51. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 52. Inserted by the Finance Act, 2008, w.e.f. 1-4-1989. 53. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013. 54. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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