Methodology for Determination of Penalty for Persons liable under Section 48 of the Act

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..... ay impose penalty on persons, under Section 48(1) or 48(3) of the Act, as the case may be, which shall not be more than ten percent of the average income of the person for the last three preceding financial years. (2) In determining the percentage of the average income to be considered in a given case, the Commission may have due regard to all or any of the following factors: - a. nature and gravi .....

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..... d exclude: (a) income from house property; and (b) income from capital gains. Further, the Commission shall consider income tax returns of the person for the same years as that of the company for whose conduct such person has been held liable. (4) Where income tax returns of the person for such period or years are not available, the total income as certified by a Chartered Accountant, supported by .....

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