TMI BlogPenalty for under reporting of tax bases.X X X X Extracts X X X X X X X X Extracts X X X X ..... if any, where no return of tax bases has been filed; (b) the tax bases assessed is greater than the tax bases disclosed in the return of tax bases; or (c) the tax bases reassessed is greater than the tax bases assessed immediately before the re-assessment. (4) The amount of tax bases under reported shall be the aggregate amount of the addition or disallowance made by the Assessing Officer, the Commissioner or the Commissioner (Appeals), as the case may be. (5) The aggregate amount of the addition or disallowance made by the Assessing Officer in assessment or re-assessment shall, in a case— (a) where no return of tax bases has been filed as required by any provision of this Code, be the assessed tax bases as re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 135, if 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, and— (i) the due date for filing the return of tax bases for the financial year has expired, but the assessee has not filed such return before such due date; or (ii) the return of tax bases for such financial year has been furnished before the date of search, but such income has not been declared therein; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (d) in a case where the source of any receipt, deposit or investment in any financial year is claimed to have been added or deducted, as the case may be, in any year prior to the financial year in which such receipt, deposit or investment appears (hereinafter referred to as "preceding year") and no penalty was levied for such preceding year, then such amount as is sufficient to cover such receipt, deposit or investment. (9) For the purposes of clause (d) of sub-section (8), the amount referred to in said clause shall be deemed to be amount of tax bases under reported for the preceding year in the following order— (a) the preceding year immediately before the year in which the receipt, deposit or investment appears, being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts material to the addition or disallowance; and (d) the amount of undisclosed tax bases referred to in section 231. (11) The tax payable in respect of the aggregate amount of the addition or disallowance shall be the amount of tax calculated on the aggregate amount of the addition or disallowance made by the Assessing Officer, the Commissioner or the Comissioner (Appeals), as the case may be,— (a) at the applicable rate in the case to which Paragraph A or Paragraph B of Part I of the First Schedule applies; and (b) at the rate specified in Part I of the First Schedule or the Second Schedule, as the case may be, in all other cases. (12) No addition or disallowance of an amount shall form the basis f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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