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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)/1 .....

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263. If Assessing Officer is to levy the penalty for concealment of Income, then the penalty proceedings must be initiated by the Assessing Officer before the completion of assessment. If CIT (Appeals) is to levy the penalty for concealment of income .....

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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 .....

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