TMI BlogPenalty for under-reporting of tax baseX X X X Extracts X X X X X X X X Extracts X X X X ..... ion 148; (b) the tax base assessed is greater than the tax base disclosed in the return of tax bases; or (c) the tax base reassessed is greater than the tax base assessed immediately before the reassessment. (4) The amount of tax base under reported shall be the aggregate amount of the addition, or disallowance, made by the Assessing Officer, Commissioner or Commissioner (Appeals), as the case may be. (5) The aggregate amount of the addition, or disallowance, made by the Assessing Officer in assessment, or reassessment, shall,- (a) in a case where no return of tax base has been filed as required by any provision of this Code, be the assessed tax base, as reduced by the maximum amount not chargeable to tax; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner (Appeals) in the order under appeal. (8) The aggregate amount of the addition, or disallowance, referred to in sub-sections (5) to (7) shall include- (a) the amount of any money or the value of bullion, jewellery or other valuable article or thing, hereinafter referred to as 'assets', found in the possession of the assessee, or under his control, in the course of search under section 139, if- (i) the assessee claims that such assets have been acquired by him by utilising (wholly or in part) his income for any financial year which has ended before the date of search; (ii) the due date for filing the return of tax base for the financial year has expired; and (iii) the return of tax base f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as expired; and (iii) the return of tax base for the financial year has- (A) not been furnished before the date of search during the course of which the assets were seized; or (B) been furnished before the date of search but such income has not been declared therein; (9) However, the aggregate amount of the addition, or disallowance, referred to in sub-sections (5) to (7) shall not include the following:- (a) amount relating to addition, or disallowance, in respect of which the assessee offers an explanation and the Assessing Officer is satisfied that : (i) the explanation is bonafide; (ii) the assessee has disclosed all the facts material to the addition or disallowance;and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er cases. (11) No addition, or disallowance, of an amount shall form the basis for imposition of penalty, if - (a) the same amount of the addition, or disallowance, has formed the basis of imposition of penalty in the case of the person for the same or any other financial year;or (b) the amount relates to any addition, or disallowance, made pursuant to the adjustment under section 155. (12) The penalty referred to in sub-section (1) shall be imposed, by an order in writing, by the - (a) Assessing Officer, if the amount of tax base under reported is determined in assessment, or reassessment; (b) Commissioner, if the amount of tax base under reported is determined in revision of the tax base by the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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