CHAPTER XXI
PENALTIES IMPOSABLE
Failure to furnish information regarding securities, etc.
270. 63[R1] [Omitted
by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.]
64[R2] Failure to furnish
returns, comply with notices, concealment of income, etc.
65[R3] 271. (1) If the 66[R4] [Assessing] Officer or the 67[R5] [***] 68[R6] [Commissioner (Appeals)] 69[R7] [or the Commissioner] in the course of any
proceedings under this Act, is satisfied that any person—
(b) has 71[R9] [* * *] failed to comply with a notice 72[R10] [under sub-section
(2) of section 115WD or under sub-section (2) of section 115WE or] under sub-section (1) of section 142 or sub-section (2) of section 143 73[R11] [or
fails to comply with a direction issued under sub-section (2A) of section 142],
or
(c) has concealed the particulars of his income or 74[R12] [* *
*] furnished inaccurate particulars of 75[R13] [such income]76[R14] ,
The
following clause (d) shall be
inserted after clause (c) of
sub-section (1) of section 271 by the Finance Act, 2005, w.e.f. 1-4-2006 :
(d) has concealed the particulars of the
fringe benefits or furnished inaccurate particulars of such fringe benefits,he
may direct that such person shall pay by way of penalty,—
78[R16] (ii) in
the cases referred to in clause (b),
79[R17] [in
addition to tax, if any, payable] by him, 80[R18] [a
sum of ten thousand rupees] for each such failure ;]
81[R19] (iii) in
the cases referred to in clause (c)
82[R20] [or clause (d)],
83[R21] [in
addition to tax, if any, payable] by him, a sum which shall not be less than,
but which shall not exceed 84[R22] [three
times], the amount of tax sought to be evaded by reason of the concealment of
particulars of his income 85[R23] [or fringe benefits] or the furnishing of inaccurate particulars of such income 85[R24] [or fringe benefits]. 86[R25] [* *
*]
87[R26] [Explanation 1.—Where in respect of any
facts material to the computation of the total income
of any person under this Act,—
(A) such
person fails to offer an explanation or offers an explanation which is found by
the 88[R27] [Assessing]
Officer or the 89[R28] [***]
90[R29] [Commissioner
(Appeals)] 91[R30] [or
the Commissioner] to be false, or
(B) such person offers
an explanation which he is not able to substantiate 92[R31] [and
fails to prove that such explanation is bona
fide and that all the facts relating to the same and material to the computation
of his total income have been disclosed by him],Then, the amount added or
disallowed in computing the total income of such person as a result thereof
shall, for the purposes of clause (c)
of this sub-section, be deemed to represent the income in respect of which
particulars have been concealed.93[R32] [* *
*]
Explanation 2.—Where the source of any receipt, deposit,
outgoing or investment in any assessment year is claimed by any person to be an
amount which had been added in computing the income or deducted in computing
the loss in the assessment of such person for any earlier assessment year or
years but in respect of which no penalty under clause (iii) of this sub-section had been levied, that part of the
amount so added or deducted in such earlier assessment year immediately
preceding the year in which the receipt, deposit, outgoing or investment
appears (such earlier assessment year hereafter in this Explanation referred to as the first preceding year) which is
sufficient to cover the amount represented by such receipt, deposit or outgoing
or value of such investment (such amount or value hereafter in this Explanation referred to as the
utilised amount) shall be treated as the income of the assessee, particulars of
which had been concealed or inaccurate particulars of which had been furnished
for the first preceding year; and where the amount so added or deducted in the
first preceding year is not sufficient to cover the utilised amount, that part
of the amount so added or deducted in the year immediately preceding the first
preceding year which is sufficient to cover such part of the utilised amount as
is not so covered shall be treated to be the income of the assessee,
particulars of which had been concealed or inaccurate particulars of which had
been furnished for the year immediately preceding the first preceding year and
so on, until the entire utilised amount is covered by the amounts so added or
deducted in such earlier assessment years.
94[R33] [Explanation 3.—Where any person 95[R34] [***]
fails, without reasonable cause, to furnish within the period specified in
sub-section (1) of section 153 a return of his income which he is required to
furnish under section 139 in respect of any assessment year commencing on or
after the 1st day of April, 1989, and until the expiry of the period aforesaid,
no notice has been issued to him under clause (i) of sub-section (1) of section 142 or section 148 and the
Assessing Officer or the 96[R35] [***]
Commissioner (Appeals) is satisfied that in respect of such assessment year
such person has taxable income, then, such person shall, for the purposes of
clause (c) of this sub-section,
be deemed to have concealed the particulars of his income in respect of such
assessment year, notwithstanding that such person furnishes a return of his
income at any time after the expiry of the period aforesaid in pursuance of a
notice under section 148.]
Explanation 4.—For the purposes of
clause (iii) of this
sub-section, the expression “the amount of tax sought to be evaded”,—
97[R36] [(a) in
any case where the amount of income in respect of which particulars have been
concealed or inaccurate particulars have been furnished has the effect of
reducing the loss declared in the return or converting that loss into income,
means the tax that would have been chargeable on the income in respect of which
particulars have been concealed or inaccurate particulars have been furnished
had such income been the total income;]
(b) in any case to which Explanation
3 applies, means the tax on the total income assessed ;
(c) in
any other case, means the difference between the tax on the total income
assessed and the tax that would have been chargeable had such total income been
reduced by the amount of income in respect of which particulars have been
concealed or inaccurate particulars have been furnished.]
98[R37] [Explanation 5.—Where in the course of
a search under section 132, the assessee is found to be the owner of any money,
bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets)
and the assessee claims that such assets have been acquired by him by utilising
(wholly or in part) his income,—
(a) for
any previous year which has ended before the date of the search, but the return
of income for such year has not been furnished before the said date or, where
such return has been furnished before the said date, such income has not been
declared therein ; or
(b) for
any previous year which is to end on or after the date of the search, then,
notwithstanding that such income is declared by him in any return of income
furnished on or after the date of the search, he shall, for the purposes of
imposition of a penalty under clause (c)
of sub-section (1) of this section, be deemed to have concealed the particulars
of his income or furnished inaccurate particulars of such income, 99[R38] [unless,—
(1) such income is, or the transactions resulting in such income
are recorded,—
(i) in a case falling under clause (a), before the date of the search ; and
(ii) in a case falling under clause (b), on or before such date,
in the books of account, if any,
maintained by him for any source of income or such income is otherwise
disclosed to the 1[R39] [Chief
Commissioner or Commissioner] before the said date ; or
(2) he, in the course
of the search, makes a statement under sub-section (4) of section 132 that any
money, bullion, jewellery or other valuable article or thing found in his
possession or under his control, has been acquired out of his income which has
not been disclosed so far in his return of income to be furnished before the
expiry of time specified in 2[R40] [* *
*] sub-section (1) of section 139, and also specifies in the statement the
manner in which such income has been derived and pays the tax, together with
interest, if any, in respect of such income.]
3[R41] [Explanation 6.—Where any adjustment
is made in the income or loss declared in the return under the proviso to clause (a)
of sub-section (1) of section 143 and additional tax charged under that
section, the provisions of this sub-section shall not apply in relation to the
adjustment so made.]
4[R42] [Explanation 7.—Where in the case of
an assessee who has entered into an international transaction defined in
section 92B, any amount is added or disallowed in computing the total income
under sub-section (4) of section 92C, then, the amount so added or disallowed
shall, for the purposes of clause (c)
of this sub-section, be deemed to represent the income in respect of which
particulars have been concealed or inaccurate particulars have been furnished,
unless the assessee proves to the satisfaction of the Assessing Officer or the
Commissioner (Appeals) 5[R43] [or
the Commissioner] that the price charged or paid in such transaction was computed
in accordance with the provisions contained in section 92C and in the manner
prescribed under that section, in good faith and with due diligence.]
6[R44] [(1A)
Where any penalty is imposable by
virtue of Explanation 2 to
sub-section (1), proceedings for the imposition of such penalty may be
initiated notwithstanding that any proceedings under this Act in the course of
which such penalty proceedings could have been initiated under sub-section (1)
have been completed.
(2) When the person liable to penalty is a registered firm or an
unregistered firm which has been assessed under clause (b) of section 183, then notwithstanding anything contained in
the other provisions of this Act, the penalty imposable under sub-section (1)
shall be the same amount as would be imposable on that firm if that firm were
an unregistered firm.
(3) 7[R45] [Omitted
by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.]
(4) If the 8[R46] [Assessing]
Officer or the 9[R47]
[***] 10[R48]
[Commissioner (Appeals)] in the course of any proceedings under this Act, is
satisfied that the profits of a registered firm have been distributed otherwise
than in accordance with the shares of the partners as shown in the instrument
of partnership on the basis of which the firm has been registered under this
Act, and that any partner has thereby returned his income below its real
amount, he may direct that such partner shall, in addition to the tax, if any,
payable by him, pay by way of penalty a sum not exceeding one and a half times
the amount of tax which has been avoided, or would have been avoided if the
income returned by such partner had been accepted as his correct income; and no
refund or other adjustment shall be claimable by any other partner by reason of
such direction.](4A) and (4B) [Omitted
by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975. Original
sub-sections (4A) and (4B) were inserted by the Income-tax (Amendment) Act,
1965, w.e.f. 12-3-1965. Later on sub-section (4A) was substituted by the
Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971.]
11[R49] [(5)
The provisions of this section as
they stood immediately before their amendment by the Direct Tax Laws
(Amendment) Act, 1989 shall apply to and in relation to any assessment for the
assessment year commencing on the 1st day of April, 1988, or any earlier
assessment year and references in this section to the other provisions of this
Act shall be construed as references to those provisions as for the time being
in force and applicable to the relevant assessment year.]
The following sub-section (6) shall be inserted after sub-section (5) of
section 271 by the Finance Act, 2005, w.e.f. 1-4-2006 :
(6) Any reference in
this section to the income shall be construed as a reference to the income or fringe
benefits, as the case may be, and the provisions of this section shall, as far
as may be, apply in relation to any assessment in respect of fringe benefits
also.
12[R50] Failure to keep, maintain or retain
books of account, documents, etc.
271A. Without
prejudice to the provisions of section 271, if any person 13[R51] [***]
fails to keep and maintain any such books of account and other documents as
required by section 44AA or the rules made thereunder, in respect of any
previous year or to retain such books of account and other documents for the
period specified in the said rules, the 14[R52] [Assessing]
Officer or the 15[R53] [***]
16[R54] [Commissioner
(Appeals)] may direct that such person shall pay, by way of penalty, 17[R55] [a
sum of twenty-five thousand rupees].
18[R56] Penalty for failure to keep and maintain
information and document in respect of international transaction.
271AA. Without prejudice to the provisions of section 271, if any person fails
to keep and maintain any such information and document as required by
sub-section (1) or sub-section (2) of section 92D, the Assessing Officer or
Commissioner (Appeals) may direct that such person shall pay, by way of
penalty, a sum equal to two per cent of the value of each international
transaction entered into by such person.]
19[R57] Failure to get accounts audited.
271B. If
any person fails 20[R58] [***]
to get his accounts audited in respect of any previous year or years relevant
to an assessment year or 21[R59] [furnish
a report of such audit as required under section 44AB], the 22[R60] [Assessing]
Officer may direct that such person shall pay, by way of penalty, a sum equal
to one-half per cent of the total sales, turnover or gross receipts, as the case
may be, in business, or of the gross receipts in profession, in such previous
year or years or a sum of one hundred thousand rupees, whichever is less.]
23[R61] Penalty for failure to furnish report
under section 92E.
271BA. If any person fails to furnish a report from
an accountant as required by section 92E, the Assessing Officer may direct that
such person shall pay, by way of penalty, a sum of one hundred thousand
rupees.]
24[R62] Failure to subscribe to the eligible
issue of capital.
271BB. Whoever
fails to subscribe any amount of subscription to the units issued under any
scheme referred to in sub-section (1) of section 88A 25[R63] to the eligible issue of capital under that
sub-section within the period of six months specified therein, may be directed
by the 26[R64] [Joint]
Commissioner to pay, by way of penalty, a sum equal to twenty per cent of such
amount.]
27[R65] Penalty for failure to deduct tax at
source.
271C. 28[R66] (1) If any person fails to—
(a) deduct the whole or any part of the tax as required by or
under the provisions of Chapter XVII-B; or
(b) pay the whole or any part of the tax as required by or
under—
(i) sub-section (2) of section 115-O; or
(ii) the second proviso to section 194B,then, such person shall
be liable to pay, by way of penalty, a sum equal to the amount of tax which
such person failed to deduct or pay as aforesaid.]
29[R67] (2) Any penalty
imposable under sub-section (1) shall be imposed by the 30[R68] [Joint]
Commissioner.]
31[R69] Penalty for failure to comply with the provisions of section 269SS.
271D. 32[R70] (1)] If a person takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted.]
33[R71] (2) Any penalty imposable under sub-section
(1) shall be imposed by the 33a[R72] [Joint]
Commissioner.]
34[R73] Penalty for failure to comply with the
provisions of section 269T.
271E. 35[R74] (1)] If a person repays any 36[R75] [loan or] deposit referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the 36[R76] [loan or] deposit so repaid.]
37[R77] [(2)
Any penalty imposable under sub-section (1) shall be
imposed by the 38[R78] [Joint]
Commissioner.]
39[R79] Penalty for failure to furnish return of
income.
271F. If a person who is required to furnish a return
of his income, as required under sub-section (1) of section 139 or by the
provisos to that sub-section, fails to furnish such return before the end of
the relevant assessment year, the Assessing Officer may direct that such person
shall pay, by way of penalty, a sum of five thousand rupees.]
40[R80] Penalty for failure to furnish annual information return.
271FA. If a person who is
required to furnish an annual information return, as required under sub-section
(1) of section 285BA, fails to furnish such return within the time prescribed
under that sub-section, the income-tax authority prescribed under the said
sub-section may direct that such person shall pay, by way of penalty, a sum of
one hundred rupees for every day during which the failure continues.]
The
following section 271FB shall be inserted after section 271FA by the Finance
Act, 2005, w.e.f. 1-4-2006 :
Penalty
for failure to furnish return of fringe benefits.
271FB. If an employer, who is required to furnish a return of fringe benefits, as required under sub-section (1) of section 115WD, fails to furnish such return within the time prescribed under that sub-section, the Assessing Officer may direct that such employer shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.
41[R81] Penalty for failure to furnish
information or document under section 92D.
271G. If any person who has entered into an international transaction fails to
furnish any such information or document as required by sub-section (3) of
section 92D the Assessing Officer or the Commissioner (Appeals) may direct that
such person shall pay, by way of penalty, a sum equal to two per cent of the
value of the international transaction for each such failure.]
Failure to give notice of
discontinuance.
272. [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.]
42[R82] Penalty for failure to answer questions,
sign statements, furnish information, returns or statements, allow inspections,
etc.
272A. (1) If any person,—
(a) being
legally bound to state the truth of any matter touching the subject of his
assessment, refuses to answer any question put to him by an income-tax
authority in the exercise of its powers under this Act; or
(b) refuses to sign any statement made by him in the course of
any proceedings under this Act, which an income-tax authority may legally
require him to sign; or
(c) to
whom a summons is issued under sub-section (1) of section 131 either to attend
to give evidence or produce books of account or other documents at a certain
place and time omits to attend or produce books of account or documents at the
place or time,
(d) 43[R83] [***]he shall pay, by way of penalty, 44[R84] [a
sum of ten thousand rupees] for each such default or failure.
(2) If any person fails—
(a) to comply with a notice issued under sub-section (6) of
section 94 or
(b) to give the notice of discontinuance of his business or
profession as required by sub-section (3) of section 176 or
(c) to furnish in due time any of the returns, statements or
particulars mentioned in section 133 or section 206 45[R85] [***]
46[R86] [or
section 206C] or section 285B; or
(d) to allow inspection
of any register referred to in section 134 or of any entry in such register or
to allow copies of such register or of any entry therein to be taken; or
47[R87] [(e) to
furnish the return of income which he is required to furnish under sub-section
(4A) or sub-section (4C) of section 139 or to furnish it within the time
allowed and in the manner required under those sub-sections; or]
(f) to deliver or cause to be delivered in due time a copy of
the declaration mentioned in section 197A; or
(g) to furnish a certificate as required by section 203 48[R88] [or
section 206C]; or
(h) to deduct and pay tax as required by sub-section (2) of
section 226;
49[R89] (i) to
furnish a statement as required by sub-section (2C) of section 192;]
50[R90] (j) to deliver or cause to be delivered in due
time a copy of the declaration referred to in sub-section (1A) of section
206C;]
51[R91] (k) to
deliver or cause to be delivered a copy of the statement within the time
specified in sub-section (3) of section 200 or the proviso to sub-section (3)
of section 206C;]
52[R92] (l) to deliver or cause
to be delivered the quarterly return within the time specified in sub-section (1)
of section 206A,]he shall pay, by way of penalty, a sum 53[R93] [of
one hundred rupees] for every day during which the failure continues:
54[R94] Provided that the amount of penalty for failures in
relation to 55[R95] [a
declaration mentioned in section 197A, a certificate as required by section 203
and] returns under sections 206 and 206C shall not exceed the amount of tax
deductible or collectible56[R96] , as
the case may be.]
(3) Any penalty imposable under sub-section
(1) or sub-section (2) shall be imposed—
(a) in
a case where the contravention, failure or default in respect of which such
penalty is imposable occurs in the course of any proceeding before an
income-tax authority not lower in rank than a 57[R97] [Joint]
Director or a 57[R98] [Joint]
Commissioner, by such income-tax authority;
(b) in a case falling under clause (f) of sub-section (2), by the Chief Commissioner or
Commissioner; and
(c) in any other case, by the 58[R99] [Joint]
Director or the 58[R100] [Joint] Commissioner.
(4) No order under this section shall be
passed by any income-tax authority referred to in sub-section (3) unless the
person on whom the penalty is proposed to be imposed is given an opportunity of
being heard in the matter by such authority.
Explanation.—In this
section, “income-tax authority” includes a Director General, Director, 58[R101] [Joint] Director and an Assistant Director 59[R102] [or Deputy Director] while exercising
the powers vested in a court under the Code of Civil Procedure, 1908 (5 of
1908), when trying a suit in respect of the matters specified in sub-section
(1) of section 131.]
60[R103] Penalty
for failure to comply with the provisions of section 133B.
272AA. (1) If a person 61[R104] [***] fails to comply with the provisions of
section 133B, he shall, on an order passed by the 62[R105] [Joint Commissioner], 63[R106] [Assistant Director] 64[R107] [or Deputy Director] or the 65[R108] [Assessing] Officer, as the case may be, pay,
by way of penalty, a sum which may extend to one thousand rupees.
(2) No order under sub-section (1)
shall be passed unless the person on whom the penalty is proposed to be imposed
is given an opportunity of being heard in the matter.
66[R109] Penalty
for failure to comply with the provisions of
section 139A.
272B. (1) If a person fails to comply with the provisions
of section 139A, the Assessing Officer may direct that such person shall pay,
by way of penalty, a sum of ten thousand rupees.
(2) If a person who is
required to quote his permanent account number in any document referred to in
clause (c) of sub-section (5)
of section 139A, or to intimate such number as required by sub-section (5A) 67[R110] [or
sub-section (5C)] of that section, quotes or intimates a number which is
false, and which he either knows or believes to be false or does not believe to
be true, the Assessing Officer may direct that such person shall pay, by way of
penalty, a sum of ten thousand rupees.
(3) No order under
sub-section (1) or sub-section (2) shall be passed unless the person, on whom
the penalty is proposed to be imposed, is given an opportunity of being heard
in the matter.]
68[R111] Penalty
for failure to comply with the provisions of section 203A.
272BB. (1) If a person fails to
comply with the provisions of section 203A, he shall, on an order passed by the
69[R112] [Assessing] Officer, pay, by way of penalty, 70[R113] [a sum of ten thousand rupees].
(2) No order under sub-section (1) shall be passed unless the person on whom the penalty is proposed to be imposed is given an opportunity of being heard in the matter.]
71[R114] Penalty
for failure to comply with the provisions of section 206CA.
272BBB.
(1) If a person fails to comply 72[R115] [before the 1st day of October, 2004] with the
provisions of section 206CA, he shall, on an order passed by the Assessing
Officer, pay, by way of penalty, a sum of ten thousand rupees.
(2) No order under sub-section (1) shall be
passed unlessthe person on whom the penalty is
proposed to be imposed, is given an opportunity of being heard in the matter.]
73[R116] False
estimate of, or failure to pay, advance tax.
273. 74[R117] [(1)
If the 75[R118] [Assessing] Officer, in the course of any
proceedings in connection with the regular assessment76[R119] for any assessment year, is satisfied that
any assessee—
(a) has furnished under clause (a) of sub-section (1) of section 209A
a statement of the advance tax payable by him which he knew or had reason to
believe to be untrue, or
(b) has 77[R120] [***] failed to furnish a statement of the
advance tax payable by him in accordance with the provisions of clause (a) of sub-section (1) of section
209A,he may direct that such person shall, in addition to the amount of tax, if
any, payable by him, pay by way of penalty a sum—
(i) which,
in the case 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 tax actually paid during the financial year immediately
preceding the assessment year under the provisions of Chapter XVII-C falls
short of—
(1) seventy-five
per cent of the assessed tax as defined in sub-section (5) of section 215, or
(2) the
amount which would have been payable by way of advance tax if the assessee had
furnished a correct and complete statement in accordance with the provisions of
clause (a) of sub-section (1)
of section 209A,whichever is less;
(ii) which,
in the case referred to in clause (b),
shall not be less than ten per cent but shall not exceed one and a half times
of seventy-five per cent of the assessed tax as defined in sub-section (5) of
section 215]:
78[R121] Provided that in the case of an assessee, being a company, the provisions of
this sub-section shall have effect as if for the words “seventy-five per cent”,
at both the places where they occur, the words “eighty-three and one-third per
cent” had been substituted.]
79[R122] (2)] If
the 80[R123] [Assessing] Officer, in the course of any
proceedings in connection with the regular assessment for the assessment year
commencing on the 1st day of April, 1970, or any subsequent assessment year, is
satisfied that any assessee—
81[R124] [(a) has furnished under sub-section (1) or
sub-section (2) or sub-section (3) or sub-section (5) of section 209A, or under
sub-section (1) or sub-section (2) of section 212, an estimate of the advance
tax payable by him which he knew or had reason to believe to be untrue, or]
82[R125] (aa) has
furnished 83[R126] [under sub-section (4) of section 209A or]
under sub-section (3A) of section 212 an estimate of the advance tax payable by
him which he knew or had reason to believe to be untrue, or]
(b) has 84[R127] [***] failed to furnish an estimate of the
advance tax payable by him in accordance with the provisions of 85[R128] [clause (b) of sub-section (1) of section 209A], or
(c) has
86[R129] [***] failed to furnish an estimate of the advance
tax payable by him in accordance with the provisions of 87[R130] [sub-section (4) of section 209A or]
sub-section (3A) of section 212,he may direct that such person shall, in
addition to the amount of tax, if any, payable by him, pay by way of penalty a
sum—
(i) which, in the
case 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 tax actually paid during the financial year immediately
preceding the assessment year under the provisions of Chapter XVII-C falls
short of—
(1) seventy-five
per cent of the assessed tax as defined in sub-section (5) of section 215, or
88[R131] [(2) where a statement under clause (a) of sub-section (1) of section 209A
was furnished by the assessee or where a notice under section 210 was issued to
the assessee, the amount payable under such statement or, as the case may be,
such notice,]whichever is less;
89[R132] (ia) which, in the case referred to in clause
(aa), shall not be less than
ten per cent but shall not exceed one and a half times the amount by which the
tax actually paid during the financial year immediately preceding the
assessment year under the provisions of Chapter XVII-C falls short of
seventy-five per cent of the assessed tax as defined in sub-section (5) of
section 215;]
(ii) which,
in the case referred to in clause (b),
shall not be less than ten per cent but shall not exceed one and a half times
of seventy-five per cent of the assessed tax as defined in sub-section (5) of
section 215; and
90[R133] (iii) which, in the case referred to in
clause (c), shall not be less
than ten per cent but shall not exceed one and a half times the amount by
which—
(a) where
the assessee has sent a statement under clause (a), or an estimate under clause (b) of sub-section (1) of section 209A, or an estimate in lieu of
a statement under sub-section (2) of that section, the tax payable in
accordance with such statement or estimate; or
(b) where
the assessee was required to pay advance tax in accordance with the notice
issued to him under section 210, the tax payable under such notice, falls short of seventy-five per cent of
the assessed tax as defined in sub-section (5) of
section 215:]]
91[R134] Provided that in the case of an assessee, being a company, the provisions of
this sub-section shall have effect as if for the words “seventy-five per cent”,
wherever they occur, the words “eighty-three and one-third per cent” had been
substituted.]
92[R135] Explanation 93[R136] [1].—For
the purposes of clause (ia),
the amount paid by the assessee on or before the date extended by the 94[R137] [Chief Commissioner or Commissioner] under the
95[R138] [first] 96[R139] [proviso to sub-section (4) of section 209A
or, as the case may be,] 95[R140] [first] proviso to sub-section (3A) of section
212 shall, where the date so extended falls beyond the financial year
immediately preceding the assessment year, also be regarded as tax actually
paid during that financial year.]
97[R141] Explanation 2.—When the person liable to penalty is a
registered firm or an unregistered firm which has been assessed under clause (b) of section 183, then,
notwithstanding anything contained in the other provisions of this Act, the
penalty imposable under this section shall be the same amount as would be
imposable on that firm if that firm were an unregistered firm.]
98[R142] (3) The
provisions of this section shall apply to and in relation to any assessment for
the assessment year commencing on the 1st day of April, 1988, or any earlier
assessment year, and references in this section to the other provisions of this
Act shall be construed as references to those provisions as for the time being
in force and applicable to the relevant assessment year.]
99[R143] Power to reduce or waive penalty, etc.,
in certain cases.
1[R144] 273A. (1) Notwithstanding
anything contained in this Act, the 2[R145] [3[R146] [***] Commissioner] may, in his discretion,
whether on his own motion or otherwise,—
(ii) reduce or waive
the amount of penalty imposed or imposable on a person under clause (iii) of sub-section (1) of section
271; *
[R148] [or]
(iii) 5[R149] [***]if he is
satisfied that such person—
(b) in
the case referred to in clause (ii),
has, prior to the detection7[R151] by the 8[R152] [Assessing] Officer, of the concealment of
particulars of income or of the inaccuracy of particulars furnished in respect
of such income, voluntarily9[R153] and in good faith9[R154] , made full and true disclosure9[R155] of such particulars;
(c) 10[R156] [***]and also has, 11[R157] [in the case referred to in clause (b)], co-operated 9[R158] in any enquiry relating to the assessment of
his income and has either paid or made satisfactory arrangements for the payment
of any tax or interest payable in consequence of an order passed under this Act
in respect of the relevant assessment year.
Explanation 12[R159] [***].—For the purposes of this sub-section, a
person shall be deemed to have made full and true disclosure of his income or
of the particulars relating thereto in any case where the excess of income
assessed over the income returned is of such a nature as not to attract the
provisions of clause (c) of
sub-section (1) of section 271.12[R160] [***]
(2) Notwithstanding anything contained in sub-section (1),—
(b) if
in a case falling under clause (c)
of sub-section (1) of section 271, the amount of income in respect of which the
penalty is imposed or imposable for the relevant assessment year, or, where
such disclosure relates to more than one assessment year, the aggregate amount
of such income for those years, exceeds a sum of five hundred thousand rupees,no order reducing or waiving the penalty under
sub-section (1) shall be made by 14[R162] [the Commissioner except with the previous
approval of the Chief Commissioner or Director General, as the case may be].
(3) Where an order has been made under sub-section (1) in favour
of any person, whether such order relates to one or more assessment years, he
shall not be entitled to any relief under this section in relation to any other
assessment year at any time after the making of such order :
15[R163] [Provided that where an order has been
made in favour of any person under sub-section (1) on or before the 24th day of
July, 1991, such person shall be entitled to further relief only once in
relation to other assessment year or years if he makes an application to the
income-tax authority referred to in sub-section (4) at any time before the 1st
day of April, 1992.]
(4) Without prejudice to the powers conferred on him by any other
provision of this Act, the 16[R164] [17[R165] [***] Commissioner] may, on an application
made in this behalf by an assessee, and after recording his reasons for so
doing, reduce or waive the amount of any penalty payable by the assessee under
this Act or stay or compound any proceeding for the recovery of any such
amount, if he is satisfied that—
(i) to do otherwise would cause genuine hardship to the
assessee, having regard to the circumstances of the case; and
(ii) the assessee has co-operated in any inquiry relating to the
assessment or any proceeding for the recovery of any amount due from him:
18[R166] [Provided that where the amount of any
penalty payable under this Act or, where such application relates to more than
one penalty, the aggregate amount of such penalties exceeds one hundred
thousand rupees, no order reducing or waiving the amount or compounding any proceeding
for its recovery under this sub-section shall be made
by 19[R167] [the Commissioner except with the previous
approval of the Chief Commissioner or Director General, as the case may be].
(5) Every order made under this section shall be final and shall
not be called into question by any court or any other authority.]
20[R168] [(6) The
provisions of this section 21[R169] [as they stood immediately before their
amendment by the Direct Tax Laws (Amendment) Act, 1989] shall apply to and in
relation to any assessment for the assessment year commencing on the 1st day of
April, 1988, or any earlier assessment year, and references in this section to
the other provisions of this Act shall be construed as references to those
provisions as for the time being in force and applicable to the relevant
assessment year.]
22[R170] [(7) Notwithstanding
anything contained in sub-section (6), the provisions of sub-section (1),
sub-section (2), or, as the case may be, sub-section (4) [as they stood
immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1989
(3 of 1989)], shall apply in the case of reduction or waiver of penalty or
interest in relation to any assessment for the assessment year commencing on
the 1st day of April, 1988 or any earlier assessment year, with the
modifications that the power under the said sub-section (1) shall be
exercisable only by the Commissioner and instead of the previous approval of
the Board, the Commissioner shall obtain the previous approval of the Chief
Commissioner or Director General, as the case may be, while dealing with such
case.]
23[R171] Penalty
not to be imposed in certain cases.
273B. Notwithstanding
anything contained in the provisions of 24[R172] [clause (b) of sub-section (1) of] 25[R173] [section 271, section 271A, 26[R174] [section 271AA,] section 271B 26a[R175] [, section 271BA], 27[R176] [section 271BB,] section 271C, section 271D,
section 271E, 28[R177] [section 271F, 29[R178] [section
271FA,] 30[R179] [section 271FB,] 31[R180] [section 271G,]] clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A,
sub-section (1) of section 272AA] or 32[R181] [section 272B or] 33[R182] [sub-section (1) of section 272BB or] 34[R183] [sub-section (1) of section 272BBB or] clause
(b) of sub-section (1) or
clause (b) or clause (c) of sub-section (2) of section 273,
no penalty shall be imposable on the person or the assessee, as the case may
be, for any failure referred to in the said provisions if he proves that there
was reasonable cause35[R184] for the said failure.]
274. (1)
No order imposing a penalty under this Chapter shall be made unless the
assessee has been heard, or has been given a reasonable opportunity of being
heard.
36[R185] (2) No
order imposing a penalty under this Chapter shall be made—
(a) by the Income-tax Officer, where the penalty exceeds ten
thousand rupees;
(b) by the Assistant Commissioner 37[R186] [or Deputy Commissioner], where the penalty
exceeds twenty thousand rupees,Except with the prior
approval of the 38[R187] [Joint] Commissioner.]
39[R188] (3) An
income-tax authority on making an order under this Chapter imposing a penalty,
unless he is himself the Assessing Officer, shall forthwith send a copy of such
order to the Assessing Officer.]
40[R189] Bar of
limitation for imposing penalties.
275. 41[R190] (1)] No order imposing a penalty under this Chapter shall be passed—
42[R191] (a) in a case where the relevant assessment
or other order is the subject-matter of an appeal to the 43[R192] [***] Commissioner (Appeals) under section 246
44[R193] [or section 246A] or an appeal to 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 the
month in which the order of the 45[R194] [***] Commissioner (Appeals) or, as the case
may be, the Appellate Tribunal is received by the Chief Commissioner or
Commissioner, whichever period expires later :
46[R195] Provided that
in a case where the relevant assessment or other order is the subject matter of
an appeal to the Commissioner (Appeals) under section 246 or section 246A, and
the Commissioner (Appeals) passes the order on or after the 1st day of June,
2003 disposing of such appeal, an order imposing penalty shall be passed before
the expiry of the financial year in which the proceedings, in the course of
which action for imposition of penalty has been initiated, are completed, or
within one year from the end of the financial year in which the order of the
Commissioner (Appeals) is received by the Chief Commissioner or Commissioner,
whichever is later;]
(b) in a case where the relevant assessment or other order is
the subject-matter of revision under section 263 47[R196] [or section 264], after the expiry of six
months from the end of the month in which such order of revision is passed;
(c) in
any other case, 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 the month in which
action for imposition of penalty is initiated, whichever period expires later.]
48[R197] (2) The
provisions of this section as they stood immediately before their amendment by
the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in
relation to any action initiated for the imposition of penalty on or before the
31st day of March, 1989.]
49[R198] Explanation.—in computing the period of limitation for the
purposes of this section,—
(i) The
time taken in giving an opportunity to the assessee to be reheard under the
proviso to section 129;
(ii) Any
period during which the immunity granted under section 245H remained in force;
and
(iii) Any
period during which a proceeding under this Chapter for the levy of penalty is
stayed by an order or injunction of any court,Shall be excluded.]]
[R1]Prior to its omission, section 270 was amended by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R2]Restored to its original version by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R3]See also relevant extracts of Minutes of 10th Meeting of DTAC held on 23-12-1967 and Circular No. 17D of 1965.
[R4]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R5]Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier, “Deputy Commissioner (Appeals)” was substituted for “Appellate Assistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and “or the” was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R6]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R7]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.
[R8]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its omission, clause (a) was amended by the Finance Act, 1963, w.e.f. 28-4-1963 and Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R9]Words “without reasonable cause” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R10]The italicised words shall be inserted by the Finance Act, 2005, w.e.f. 1-4-2006
[R11]Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976
[R12]Word “deliberately” omitted by the Finance Act, 1964, w.e.f. 1-4-1964.
[R13]Words “income, or” shall be substituted for “such income” by the Finance Act, 2005, w.e.f. 1-4-2006
[R15]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its omission, clause (i) was substituted by the Direct Taxes (Amendment) Act, 1974, with retrospective effect from 1-4-1962 and Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976
[R16]Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R17]Substituted for “in addition to any tax payable” by the Finance Act, 2002, w.e.f. 1-4-2003
[R18]Substituted for “a sum which shall not be less than one thousand rupees but which may extend to twenty-five thousand rupees” by the Finance Act, 2001, w.e.f. 1-6-2001
[R19]Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. Original clause (iii) was substituted by the Finance Act, 1968, w.e.f. 1-4-1968
[R20]The italicised words shall be inserted by the Finance Act, 2005, w.e.f. 1-4-2006
[R21]Substituted for “in addition to any tax payable” by the Finance Act, 2002, w.e.f. 1-4-2003
[R22]Substituted for “twice” by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R23]The italicised words shall be inserted by the Finance Act, 2005, w.e.f. 1-4-2006
[R24]The italicised words shall be inserted by the Finance Act, 2005, w.e.f. 1-4-2006
[R25]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R26]Substituted for Explanation by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. Original Explanation was inserted by the Finance Act, 1964, w.e.f. 1-4-1964.
[R27]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R28]Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier, “Deputy Commissioner (Appeals)” was substituted for “Appellate Assistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and “or the” was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R29]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R30]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002
[R31]Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R32]Proviso omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R33]Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its substitution, Explanation 3 was amended by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R34]Words “who has not previously been assessed under this Act,” omitted by the Finance Act, 2002, w.e.f. 1-4-2003.
[R35]Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R36]Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior
to its substitution, clause (a) read as under :
“(a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished exceeds the total income assessed, means the tax that would have been chargeable on the income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income ;”
[R37]Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984
[R38]Substituted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R39]Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R40]Words “clause (a) or clause (b) of” omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.
[R41]Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R42]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R43]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.
[R44]Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976
[R45]Prior to its omission, sub-section (3) was amended by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976
[R46]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R47]Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier “Deputy Commissioner (Appeals)” was substituted for “Appellate Assistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and “or the” was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R48]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.
[R49] Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R50]Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976
[R51]Words “, without reasonable cause,” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R52]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R53]Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier “Deputy Commissioner (Appeals)” was substituted for “Appellate Assistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and “or the” was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R54]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R55]Substituted for “a sum which shall not be less than two thousand rupees but which may extend to one hundred thousand rupees” by the Finance Act, 2001, w.e.f. 1-6-2001. Earlier the quoted words were substituted for “a sum which shall not be less than ten per cent but which shall not exceed fifty per cent of the amount of the tax, if any, which would have been avoided if the income returned by such person had been accepted as the correct income” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
[R56]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R57]Inserted by the Finance Act, 1984, w.e.f. 1-4-1985.
[R58]Words “, without reasonable cause,” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R59]Substituted for “obtain a report of such audit as required under section 44AB or furnish the said report along with the return of his income filed under sub-section (1) of section 139, or along with the return of income furnished in response to a notice under clause (i) of sub-section (1) of section 142” by the Finance Act, 1995, w.e.f. 1-7-1995. Earlier certain words were inserted in the quoted portion by the Finance Act, 1988, w.e.f. 1-4-1989.
[R60]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R61]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R62]Inserted by the Finance Act, 1990, w.e.f. 1-4-1990.
[R63]Section 88A has now been omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1994
[R64]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.
[R65]Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989
[R66]Substituted by the Finance Act, 1997, w.e.f. 1-6-1997. Prior to its substitution,
sub-section (1), as inserted by the Direct Tax Laws (Amendment) Act, 1987,
w.e.f. 1-4-1989 and amended by the Finance Act, 1990, w.e.f. 1-4-1990, read as under :
“(1) If any person fails to deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B, he shall be liable to pay, by way of penalty, a sum equal to the amount of the tax which he failed to deduct as aforesaid.”
[R67]Inserted by the Finance Act, 1990, w.e.f. 1-4-1990
[R68]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R69]Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
[R70]Numbered as sub-section (1) by the Finance Act, 1990, w.e.f. 1-4-1990
[R71]Inserted by the Finance Act, 1990, w.e.f. 1-4-1990.
[R72]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R73]Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989
[R74]Numbered as sub-section (1) by the Finance Act, 1990, w.e.f. 1-4-1990
[R75]Inserted by the Finance Act, 2003, w.e.f. 1-6-2003
[R76]Inserted by the Finance Act, 2003, w.e.f. 1-6-2003
[R77]Inserted by the Finance Act, 1990, w.e.f. 1-4-1990
[R78]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.
[R79]Substituted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its
substitution, section 271F, as inserted by the Finance Act, 1997, w.e.f.
1-4-1997, substituted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999 and
later on amended by the Finance Act, 2001, w.e.f. 1-6-2001, read as under :
“271F. Penalty for failure
to furnish return of income.—If a person who is required to furnish a
return of his income, as required under sub-section (1) of section 139, fails
to furnish such return before the end of the relevant assessment year, he shall
be liable to pay, by way of penalty, a sum of five thousand rupees :
Provided that a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five thousand rupees.”
[R80]Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.
[R81]Inserted
by the Finance Act, 2001, w.e.f. 1-4-2002.
[R82]Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its substitution, section 272A was inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976 and later on amended by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978, Finance Act, 1982, w.e.f. 1-6-1982, Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986 and Finance Act, 1987, w.e.f. 1-6-1987
[R83]Omitted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its
omission, clause (d) read as under :
“(d) fails to comply with the provisions of section 139A,”
[R84]Substituted for “a sum which shall not be less than five hundred rupees but which may extend to ten thousand rupees” by the Finance Act, 2001, w.e.f. 1-6-2001
[R85]Words “or section 206A or section 206B” omitted by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996
[R86]Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991
[R87]Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its
substitution, clause (e) read as under :
“(e) to furnish the return of income which he is required to furnish under sub-section (4A) of section 139 or to furnish it within the time allowed and in the manner required under that sub-section; or”
[R88]Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991
[R89]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R90]Inserted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003
[R91]Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005
[R92]Inserted by the Finance Act, 2005, w.e.f. 1-6-2005.
[R93]Substituted for “which shall not be less than one hundred rupees, but which may extend to two hundred rupees,” by the Finance Act, 1999, w.e.f. 1-6-1999
[R94] Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991
[R95]Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999
[R97]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.
[R98]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.
[R99]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R100]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R101]Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R102]Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R103]Inserted by the Finance Act, 1986, w.e.f. 13-5-1986
[R104]Words “, without reasonable cause,” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R105]Substituted for “Deputy Commissioner” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier “Deputy Commissioner” was substituted for “Inspecting Assistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R106]Substituted for “Assistant Director of Inspection” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R107]Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R108]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R109]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002. Earlier section 272B was inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976, further amended by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986 and later on omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989
[R110]Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.
[R111]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987
[R112]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R113]Substituted for “a sum which may extend to five thousand rupees” by the Finance Act, 2001, w.e.f. 1-6-2001
[R114]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.
[R115]Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004
[R116]Substituted by the Finance Act, 1969, w.e.f. 1-4-1970
[R117]Inserted by the Finance Act, 1978, w.e.f. 1-6-1978
[R118]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R119]For the meaning of the term “regular assessment”
[R120]Words “, without reasonable cause,” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R121]Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-9-1980
[R122]Inserted by the Finance Act, 1978, w.e.f. 1-6-1978
[R123]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R124]Substituted by the Finance Act, 1978, w.e.f. 1-6-1978. Earlier, clause (a) was amended by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1977.
[R125]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977
[R126] Inserted by the Finance Act, 1978, w.e.f. 1-6-1978
[R127]Words “without reasonable cause” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R128]Substituted for “sub-section (3) of section 212” by the Finance Act, 1978, w.e.f. 1-6-1978
[R129]Words “without reasonable cause” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R130]Inserted by the Finance Act, 1978, w.e.f. 1-6-1978.
[R131]Substituted by the Finance Act, 1978, w.e.f. 1-6-1978
[R132]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977
[R133]Substituted by the Finance Act, 1978, w.e.f. 1-6-1978
[R134]Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-9-1980
[R135]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977
[R136]Numbered as Explanation 1 by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.
[R137]Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R138]Inserted by the Finance Act, 1981, w.e.f. 1-4-1981.
[R139]Inserted by the Finance Act, 1978, w.e.f. 1-6-1978
[R140] Inserted by the Finance Act, 1981, w.e.f. 1-4-1981
[R141]Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.
[R142]Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989
[R143]Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975
[R144]See also Instruction No. 1417, dated 29-9-1981 and Circular No. 784, dated 22-11-1999.
[R145]Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R146]Words “Chief Commissioner or” omitted by the Finance Act, 1993, w.e.f. 1-6-1993.
[R147]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.
[R148]Should be deleted
[R149]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R150]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.
[R151]For the meaning of the term “detection”.
[R152]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R153]For the meaning of the terms/expressions “voluntarily”, “good faith”, “disclosure” and “co-operated”
[R154]For the meaning of the terms/expressions “voluntarily”, “good faith”, “disclosure” and “co-operated”
[R155]For the meaning of the terms/expressions “voluntarily”, “good faith”, “disclosure” and “co-operated”
[R156]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R157]Substituted for “in all the cases referred to in clauses (a), (b) and (c)” by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R158]For the meaning of the terms/expressions “voluntarily”, “good faith”, “disclosure” and “co-operated”
[R159]“1” and Explanation 2, as inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984, omitted by the Finance Act, 1985, w.e.f. 24-5-1985
[R160]“1” and Explanation 2, as inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984, omitted by the Finance Act, 1985, w.e.f. 24-5-1985
[R161]Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its omission, clause (a) was amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.
[R162]Substituted for “the Chief Commissioner or Commissioner except with the previous approval of the Board” by the Finance Act, 1993, w.e.f. 1-6-1993. Earlier the words “Chief Commissioner or Commissioner” were substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R163]Inserted by the Finance (No. 2) Act, 1991, w.e.f. 27-9-1991.
[R164]Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R165]Words “Chief Commissioner or” omitted by the Finance Act, 1993, w.e.f. 1-6-1993
[R166]Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.
[R167]Substituted for “the Chief Commissioner or Commissioner except with the previous approval of the Board” by the Finance Act, 1993, w.e.f. 1-6-1993. Earlier the words “Chief Commissioner or Commissioner” were substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R168]Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989
[R169]Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R170]Inserted by the Finance Act, 1994, w.e.f. 1-6-1994
[R171]Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R172]Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.
[R173]Substituted for “section 270, clause (a) or clause (b) of sub-section (1) of section 271, section 271A, section 271B, sub-section (2) of section 272A, sub-section (1) of section 272AA, sub-section (1) of section 272B” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
[R174]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R175]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R176]Inserted by the Finance Act, 1990, w.e.f. 1-4-1990
[R177]Inserted by the Finance Act, 1997, w.e.f. 1-4-1997
[R178]Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005
[R179]The italicised words shall be inserted by the Finance Act, 2005, w.e.f. 1-4-2006
[R180]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R181]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002
[R182]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987
[R183]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002
[R185]Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original sub-section (2) which was amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, was omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1975
[R186]Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R187]Substituted for “Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R188]Substituted by the Taxation Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its substitution, sub-section (3) was substituted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R189]Substituted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971
[R190]Renumbered by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989
[R191]Substituted for clauses (a) and (b) by the
Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its
substitution, clause (a) was amended by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978
[R192]Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998
[R193]Inserted by the Finance Act, 2000, w.e.f. 1-6-2000
[R194]Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier the quoted words were inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989
[R195] Inserted by the Finance Act, 2003, w.e.f. 1-6-2003
[R196]Inserted by the Finance Act, 2003, w.e.f. 1-6-2003
[R197]Inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989.
[R198]Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.