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TMI BlogLevy of interest and penalty in certain cases [ Section 158BF & 158BFA ]X X X X Extracts X X X X X X X X Extracts X X X X ..... iable to pay simple interest at the rate of one and one-half per cent. of the tax on undisclosed income determined under section 158BC(1)(c), [ Section 158BFA(1) ] Period of liable for interest - 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 section 158BC(1)(c). [ Section 158BFA(1) ] Impose of Penalty [ Section 158BFA(2) ] Amount of penalty 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 un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akh rupees - by the Deputy Commissioner or Assistant Commissioner or the Deputy Director or Assistant Director, where the amount of penalty exceeds two lakh rupees except with the previous approval of the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director, as the case may be; (c) Appealable matter in a case where the assessment is the subject-matter of an appeal to the Commissioner (Appeals) under section 246A or 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly. [ First Proviso of Section 158BFA ] where after exclusion of the period referred to in the first proviso, the period of limitation for making of an order for imposition of penalty expires before the end of a month, such period shall be extended to the end of such month. [ Second Proviso of Section 158BFA ] Obligation for sending penalty orders to assessing officer [ Section 158BFA(5) ] An income-tax authority on making an order under section 158BFA(2) imposing a penalty, unless he is himself an Assessing Officer, shall forthwith send a copy of such order to the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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