আয় গোপন করিবার জন্য জরিমানা

(1) In the course of any proceeding under this Act, if the conducting authority is satisfied that any person, in the said proceeding or in any previous proceeding relating to the assessment of tax for the same income year, has disclosed his income, assets, liabilities, expenditure or any other material information relating to the taxable person, the administering authority shall impose on such person a fine equal to A+B, in which case—

            A = omitted figure x 15%;

B = omitted figure x 10% x C;

C= Total years from the fiscal year in which the misrepresentation occurred to the fiscal year in which the misrepresentation occurred to the fiscal year in which the misrepresentation was discovered.

(2) For the purposes of this section, —

(a)   “Executive Authority” means—

(i)    means such income-tax authority not below the rank of the Deputy Commissioner of Taxes; and

(ii)  shall mean the Tax Appellate Tribunal;

(b)   “omitted figure” means C-D in any tax year, in which—

C = Taxes and other sums payable in a tax year if income, assets, liabilities, expenses or any other material information is not shown in a false amount;

D = Amount actually paid in the relevant tax year.