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PENALTIES AND PROSECUTION-PENALTY FOR CONCEALMENT OF INCOME

Income Tax - Penalties - Circumstances, Procedures and Relief - 01 - PENALTY FOR CONCEALMENT OF INCOME Assessing Officer shall levy penalty for concealment of income on the additions made by him in an assessment or reassessment under section 143(3)/144/147/153A. CIT (Appeals) shall levy penalty for concealment of Income on the additions made by him in an order passed under section 250. CIT shall levy penalty for concealment of Income on the additions made by him in an order passed under section .....

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itiated by issuing a show cause notice. There will be no penalty for concealment of income on any additions made on a Question of Law. There will be no penalty for concealment of income on any addition made on debatable issue. Penalty for concealment of Income is levied by passing an order under section 271(1)(c). Penalty is in addition to Income tax. Minimum Penalty: 100% of tax sought to be evaded Maximum Penalty: 300% of tax sought to be evaded Penalty can be levied if Assessing Officer durin .....

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