TMI BlogLevy of interest and penalty in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... ndisclosed income, determined under clause ( c ) 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- ( a ) where the return is furnished after the expiry of the time aforesaid, ending 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se may be; ( c ) in a case where the assessment is the subject-matter of an appeal to the Commissioner (Appeals) under section 246 7 [or 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 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 8 [Principal Commissioner or] Commissioner, whichever period expires later; ( d ) in a case where the assessment is the subject-matter of revision under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd one-fourth by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Earlier the quoted words were substituted for two by the Finance Act, 2001, w.e.f. 1-6-2001. 3. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 4. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 5 . Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 6. Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 7. Inserted by the Finance Act, 2000, w.e.f. 1-6-2000. 8. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
