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TMI BlogInsertion of new section 9AX X X X Extracts X X X X X X X X Extracts X X X X ..... lar assessment for any assessment year, is satisfied that any assessee - (a) has furnished under clause (a) of sub-section (5) of section 7A a statement of advance surtax payable by him which he knew or had reason to believe to be untrue, or (b) has without reasonable cause failed to furnish a statement of the advance surtax payable by him in accordance with the provisions of clause (a) of sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall not be less than ten per cent. but shall not exceed one and a half times of eighty-three and one-third per cent. of the assessed surtax. (2) If the Income-tax Officer, in the course of any proceedings in connection with the regular assessment for any assessment year, is satisfied that any assessee - (a) has furnished under clause (b) of sub-section (5) or sub-section (6) or sub-section (7) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e referred to in clause (a), shall not be less than ten per cent. but shall not exceed one and a half times the amount by which the surtax actually paid during the financial year immediately preceding the assessment year under the provisions of section 7A falls short of - (1) eighty-three and one-third per cent. of the assessed surtax, or (2) where a statement under clause (a) of sub-section (5) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... surtax payable in accordance with a statement under clause (a) or an estimate under clause (b) of sub-section (5) of section 7A or an estimate in lieu of a statement under sub-section (6) of that section falls short of eighty-three and one-third per cent. of the assessed surtax. Explanation : Where the Commissioner has, in exercise of the powers conferred by the first proviso to sub-section (4) o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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