28 September 2009
Pls explain me wen penalty of 100% wen 150% n wen 200% n wen 300% is levied . i dont understand wen different rates in wat different circumstances, de different rates r applied. pls dont forward me bare act or advise me to read bare act . These things i can get from any income tax book.Its a very lenthy sec n dere r four or 5 expalinations wich i av read thoroughly, but still i av so many confusions. pls expain all those expalainations in ur own words.
29 September 2009
If it is first default of the assessee then the penalty imposable is 100%. If the assessee is habitually defaulter and willingly comitting such default then the penalty imposable is 300%. How much penalty should be levied from 100% to 300% is the matter of judgement by the income Tax officer. It depends upon the circumstantial evidences, presence of mens rea, occurance of defaults, attitude of the assessee, non co-operation by the assessee etc. There is no specific yardstick for determining the percentage of penalty. It solely depends upon the judgement of assessing officer.
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