Section 46 - Procedure. - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Procedure. 46. (1) The tax authority shall, for the purposes of imposing any penalty under this Chapter, issue a notice to an assessee requiring him to show cause why the penalty should not be imposed on him. (2) The notice referred to in sub-section (1) shall be issued- (a) during the pendency of any proceedings under this Act for the relevant previous year, in respect of penalty referred to in section 41; (b) within a period of three years from the end of the financial year in which the default is committed, in respect of penalties referred to in section 45. (3) No order imposing a penalty under this Chapter shall be made unless the assessee has been given an opportunity of being heard. (4) An order imposing a penalty under this Chapter shall be made with the approval of the 1 [ or the Joint Director ] if- (a) the penalty exceeds one lakh rupees and the tax authority levying the penalty is in the rank of Income-tax Officer; or (b) the penalty exceeds five lakh rupees and the tax authority levying the penalty is in the rank of Assistant Commissioner or 2 [ or Assistant Director or Deputy Director ] . (5) Every order of penalty issued under this Chapter shall be accompanied by a notice of demand in respect of the amount of penalty imposed and such notice of demand shall be deemed to be a notice under section 13. ************* NOTES:- 1. Substituted vide Section 219 of the Finance Act, 2018 dated 29-03-2018 w.e.f. 01-04-2018 before it was read as, Joint Commissioner, 2. Substituted vide Section 219 of the Finance Act, 2018 dated 29-03-2018 w.e.f. 01-04-2018 before it was read as, Deputy Commissioner