Lawgist17Penalty for concealment of chargeable expenditure
If the 1 [Assesing Officer] or the 2 [Chief Commissioner or Commissioner] (Appeals) in the course of any proceedings under this Act is satisfied that any person has concealed particulars of chargeable expenditure or has furnished inaccurate particulars of such chargeable expenditure, he may direct that such person shall pay by way of penalty, in addition to any expenditure-tax payable by him, a sum which shall not be less than, but which shall not exceed twice, the amount of tax sought to be evaded by reason of concealment of particulars of chargeable expenditure or the furnishing of inaccurate particulars of such chargeable expenditure:
Provided that if the amount of chargeable expenditure (as determined by the 1 [Assessing Officer] on assessment) in respect of which particulars have been concealed or inaccurate particulars have been furnished exceeds a sum of twenty-five thousand rupees, the 1 [Assessing Officer] shall not issue any direction for payment by way of penalty without the previous approval of the 3 [Additional Commissioner or, as the case may be, of the Deputy Commissioner].
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1. Subs. by Act 26 of 1988, s. 72, for "Income-tax Officer" (w.e.f. 1-4-1988).
2. Subs. by s. 72, ibid., for "Commissioner" (w.e.f. 1-4-1988).
3. Subs. by Act 32 of 1994, s. 59, for "Deputy Commissioner" (w.e.f. 1-6-1994).
- 1 Short title, extent and commencement
- 2 Definitions
- 3 Application of the Act
- 4 Charge of expenditure-tax
- 5 Meaning of chargeable expenditure
- 6 Tax authorities
- 7 Collection and recovery of expenditure-tax
- 8 Person responsible for collecting tax to furnish prescribed return
- 9 Assessment
- 10 Best judgment assessment
- 11 Chargeable expenditure escaping assessment
- 12 Rectification of mistake
- 13 Time limit for completion of assessment and reassessment
- 14 Interest on delayed payment of expenditure-tax
- 15 Penalty for failure to collect or pay expenditure-tax
- 16 Penalty for failure to furnish prescribed return
- 17 Penalty for concealment of chargeable expenditure
- 18 Penalty for failure to comply with notice
- 19 Penalty not to be imposed in certain cases
- 20 Notice of demand
- 21 Revision of orders by the Commissioner
- 22 Appeals to the Commissioner (Appeals)
- 23 Appeals to Appellate Tribunal
- 24 Application of provisions of Income-tax Act
- 25 Wilful attempt to evade tax, etc
- 26 Failure to furnish prescribed returns
- 27 False statement in verification, etc
- 28 Abetment of false return, etc
- 29 Certain offences to be non-cognizable
- 30 Institution of proceedings and composition of offences
- 31 Power to make rules
- 32 Power to remove difficulties
- 33 Repealed
