Penal provisions of Sec.273 of the Income Tax Act, 1961.

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..... , No. 440, dated the 15th November, 1985 and No. 441, dated the 15th November, 1985 with a view to encouraging the assessees to make voluntarily a true and full disclosure of their incomes and wealth without any fear of penal consequences. The concession under these circulars is available only to such persons who come forward and disclose their true incomes and wealth and pay the tax thereon by th .....

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..... partment, makes a true and full disclosure of his income for the period which would be the previous year for an assessment for the assessment year 1986-87 for the purposes of payment of advance tax during the financial year 1985-86. In respect of the income of the aforesaid period, a person should, for the purposes of Section 273 of the Income-tax Act, be deemed to have been prevented by reasonabl .....

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..... d the advance tax referred to in Chapter XVII-C on or before the 31st day of March, 1986 and the tax so paid does not fall short of: (i) in the case of an assessee, being a company, eighty three and one-third percent of the assessed tax as defined in Sub-section (5) of Section 215 and (ii) in the case of any other assessee seventy-five percent of the assessed tax as defined in Sub-section (5) .....

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