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TMI BlogLevy of interest and penalty in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... tax on undisclosed income determined under clause (c) of sub-section (1) of section 158BC, for every month or part of a month comprised in the period commencing on the day immediately following the expiry of the time specified in the notice, and ending on the date of completion of assessment under clause (c) of sub-section (1) of section 158BC. (2) The Assessing Officer or the Commissioner (Appeals) in the course of any proceedings under this Chapter, may direct that the person shall pay by way of penalty a sum which shall be equal to fifty per cent. of tax so leviable in respect of the undisclosed income determined by the Assessing Officer under clause (c) of sub-section (1) of section 158BC: Provided that no order imposing penalty under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n appeal to the Commissioner (Appeals) under section 246A or an appeal to the Appellate Tribunal under section 253, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the financial year in which the order of the Commissioner (Appeals) or, as the case may be, the Appellate Tribunal is received by the Principal Commissioner or Commissioner, whichever period expires later; (d) in a case where the assessment is the subject-matter of revision under section 263, after the expiry of six months from the end of the financial year in which such order of revision is passed; (e) in any case other than those mentione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... --------------------- Notes :- 1. Inserted by the Income-tax (Amendment) Act, 1997, w.e.f. 1-1-1997. 2. Substituted for one and one-fourth by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Earlier the quoted words were substituted for two by the Finance Act, 2001, w.e.f. 1-6-2001. 3. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 4. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 5 . Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 6. Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 7. Inserted by the Finance Act, 2000, w.e.f. 1-6-2000. 8. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 9. Substituted vide Section 49 of the Fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c ) of section 158BC : Provided that no order imposing penalty shall be made in respect of a person if- ( i ) such person has furnished a return under clause ( a ) of section 158BC; ( ii ) the tax payable on the basis of such return has been paid or, if the assets seized consist of money, the assessee offers the money so seized to be adjusted against the tax payable; ( iii ) evidence of tax paid is furnished along with the return; and ( iv ) an appeal is not filed against the assessment of that part of income which is shown in the return : Provided further that the provisions of the preceding proviso shall not apply where the undisclosed income determined by the Assessing Officer is in excess of the income shown in the return and in such ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clauses ( c ) and ( d ), after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later; ( f ) in respect of search initiated under section 132 or books of account, other documents or any assets requisitioned under section 132A, after the 30th day of June, 1995 but before the 1st day of January, 1997. Explanation.- In computing the period of limitation for the purpose of this section,- ( i ) the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 129; ( ii ) the period during w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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