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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 ..... 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 reduced by the maximum amount not chargeable to tax, if any; (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... einafter 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; (b) the amount, or value, of assets belonging to the assessee and delivered to the requisitioning officer under sub-section (3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 the first preceding year, and (b) where the amount added or deducted in the first preceding year is not sufficient to cover the receipt, deposit or investment, the year immediately preceding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 for imposition of penalty, if— (a) such addition or disallowance has formed the basis of imposition of penalty in the case of the person for the same or any other financial year; or (b) the amount relates to any addition or disallowance made pursuant to the adjustment under section 149. (13) The penalty referred to in sub-secti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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