India - Income Tax Act 2010 - Saarc

1.903 CH. XXI - PENALTIES IMPOSABLE S. 271(c) has concealed the particulars of his income or 6 [* * *] furnishedinaccurate particulars of 7 [such income, or] 89[(d) has concealed the particulars of the fringe benefits or furnishedinaccurate particulars of such fringe benefits,]he may direct that such person shall pay by way of penalty,—(i) 10 [* * *]11[(ii) in the cases referred to in clause (b), 12 [in addition to tax, if any, payable]by him, 13 [a sum of ten thousand rupees] for each such failure ;]14[(iii) in the cases referred to in clause (c) 15 [or clause (d)], 16 [in addition totax, if any, payable] by him, a sum which shall not be less than, butwhich shall not exceed 17 [three times], the amount of tax sought tobe evaded by reason of the concealment of particulars of his income18[or fringe benefits] or the furnishing of inaccurate particulars ofsuch income 18 [or fringe benefits].19[* * *]20[Explanation 1.—Where in respect of any facts material to the computation ofthe total income of any person under this Act,—(A) such person fails to offer an explanation or offers an explanationwhich is found by the 21 [Assessing] Officer or the 22 [***]23[Commissioner (Appeals)] 24 [or the Commissioner] to be false, or6. Word “deliberately” omitted by the Finance Act, 1964, w.e.f. 1-4-1964.7. Substituted for “such income,” by the Finance Act, 2005, w.e.f. 1-4-2006.8. For the meaning of the expressions “his income”, “has concealed . . . of such income” and“inaccurate particulars”, see Taxmann’s Direct Taxes Manual, Vol. 3.9. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.10. Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to itsomission, clause (i) was substituted by the Direct Taxes (Amendment) Act, 1974, w.r.e.f.1-4-1962 and the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.11. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.12. Substituted for “in addition to any tax payable” by the Finance Act, 2002, w.e.f. 1-4-2003.13. Substituted for “a sum which shall not be less than one thousand rupees but which mayextend to twenty-five thousand rupees” by the Finance Act, 2001, w.e.f. 1-6-2001.14. 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. 1-4-1968.15. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.16. Substituted for “in addition to any tax payable” by the Finance Act, 2002, w.e.f. 1-4-2003.17. Substituted for “twice” by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.18. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.19. Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.20. 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. 1-4-1964.21. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.22. 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 “AppellateAssistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988and “or the” was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.23. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.24. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.