Additional amount of income-tax.
274. The additional amount of tax payable in respect of the income or wealth disclosed in the application referred to in clause (c) of sub-section (2) of section 273 shall be calculated in the following manner, namely:
(a) in the case where the income or wealth disclosed in the application relates to only one financial year and -
(i) the applicant has furnished a return of tax bases of that year—
(A) the amounts of the total income returned and the income disclosed in the application shall be aggregated;
(B) the tax shall be calculated on the aggregate income so arrived at as if such aggregate income were the total income;
(C) the amount of tax so calculated shall be reduced by the amount of tax calculated on the total income returned for that financial year;
(D) the balance amount of tax so determined shall be the additional
amount of tax payable in respect of the income disclosed in the application;
(ii) if the applicant has not furnished a return in respect of the total income of that financial year, tax shall be calculated on the income disclosed in the application;
(b) in the case where the income disclosed in the application relates to more than one financial year,—
(i) the additional amount of income-tax payable in respect of the income disclosed for each of the financial years shall first be calculated in the manner provided under clause (a);
(ii) the additional amount of income-tax so calculated for each of the financial years shall be aggregated;
(iii) the aggregate amount of the additional income-tax so computed shall be the additional amount of tax payable in respect of the income disclosed in the application;
(c) in a case where the wealth disclosed in the application relates to,—
(i) one financial year the additional amount of tax payable shall be calculated in the manner provided in clause (a); and
(ii) more than one financial year, the additional amount of tax payable shall be calculated in the manner provided in clause (b).
