9911796707
TMI BlogLevy of interest and penalty in certain cases.X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be liable to pay simple interest at the rate of 1.5% of the tax on undisclosed income determined under clause (c) of said sub-section; (b) the interest in clause (a) shall be paid 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 said notice, and ending on the date of completion of assessment under cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g with the return; and (d) an appeal is not filed against the assessment of that part of income which is shown in the return. (4) The provisions of the sub-section (3) shall not apply where the undisclosed income determined by the Assessing Officer is in excess of the income shown in the return and in such cases the penalty shall be imposed on that portion of undisclosed income determined, whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l year in which the order of the Commissioner (Appeals) or the Appellate Tribunal is received by the jurisdictional Principal Commissioner or Commissioner, whichever period expires later; (d) in a case where the assessment is the subject-matter of revision under section 377, after the expiry of six months from the end of the financial year in which such order of revision is passed; (e) in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional Principal Commissioner or Commissioner. (7) Where immediately after the exclusion of the period referred to in sub-section (6), the remaining period of limitation referred to in sub-section (5) available to the Assessing Officer for making an order under sub-section (2) of this section is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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