9911796707
TMI BlogDetermination of tax, pertaining to the period up to Financial Year 2023-24, not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilfull-misstatement or suppression of facts.X X X X Extracts X X X X X X X X Extracts X X X X ..... o Financial Year 2023-24, ] not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilfull-misstatement or suppression of facts. 74. (1) Where it appears to the proper officer that any tax has not been paid or short paid or erroneously refunded or where input tax credit has been wrongly availed or utilised by reason of fraud, or any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for such periods other than those covered under sub-section (1), on the person chargeable with tax. (4) The service of statement under sub-section (3) shall be deemed to be service of notice under sub-section (1) of section 73, subject to the condition that the grounds relied upon in the said statement, excep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the proper officer is of the opinion that the amount paid under sub-section (5) falls short of the amount actually payable, he shall proceed to issue the notice as provided for in sub-section (1) in respect of such amount which falls short of the amount actually payable. (8) Where any person chargeable with tax under sub-section (1) pays the said tax along with interest payable under section 50 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... along with interest payable thereon under section 50 and a penalty equivalent to fifty per cent. of such tax within thirty days of communication of the order, all proceedings in respect of the said notice shall be deemed to be concluded. 3 [ (12) The provisions of this section shall be applicable for determination of tax pertaining to the period up to Financial Year 2023-24. ] Explanation 1.- For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-11-2024 4. Omitted vide Section 137 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-11-2024 before it was read as, Explanation 2. For the purposes of this Act, the expression suppression shall mean non-declaration of facts or information which a taxable person is required to declare in the return, statement, report or any other document fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
