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Penalty for under-reporting of tax base

..... ase for any financial year. (2) The penalty referred to in sub-section (1) shall be a sum which shall not be less than, but which shall not exceed two times, the amount of tax payable in respect of the amount of tax base under reported for the financial year. (3) A person shall be deemed to have willfully under reported the tax base, if- (a) he has failed to file the return of tax bases by the due date, as required by subsection (1) of section 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 disall .....

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..... The aggregate amount of the addition, or disallowance, made by the Commissioner in revision, shall be tax base assessed consequent to revision, as reduced by the tax base assessed in the order so revised. (7) The aggregate amount of the addition, or disallowance, made by the Commissioner (Appeals) in appeal, shall be the aggregate of all enhancements made by the 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 .....

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..... wholly or in part, for any financial year which has ended before the date of search during the course of which the assets were seized; (ii) the due date for filing the return of tax base for the financial year has 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 .....

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..... t the rate specified in Rule I of the First Schedule, in all other 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 .....

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