capital asset is transferred for lower than stamp duty value the property = Rs.150 Difference between stamp duty value and stated consideration is chargeable as Income from other sources be the full value of for transfer of the property. Rs.150 will be added to capital gains Immovable property held as is transferred for lower than stamp duty value Income in the hands of the receiver of the property = Rs.150. Difference between stamp duty value and stated consideration is chargeable as Income from other sources NA NA NA Stamp duty value is deemed to be the full value of consideration for transfer of the property. Rs.150 will be added to business profits. Unquoted shares held as capital asset are transferred at lower than fair market value Income in the hands of the receiver of the property = Rs.150. Difference between fair market value and stated consideration is chargeable as Income from other sources NA Fair market value is deemed to be the full value of Rs.150 is added to capital gains. NA NA Capital Asset other Income in the hands of the NA NA ?? Can this be NA on
together with interest if any. 60% of the undisclosed income of the “specified previous year” in other cases. For search cases initiated or after 15.12.2016: Payable at the following rates: 30% of the undisclosed income of the “specified previous year” where the assessee admits the income in the course of search, substantiates the manner in which it was derived and pays tax on the undisclosed income together with interest if any, and files the return of income declaring the undisclosed income, before the “specified date” 60% of the undisclosed income of the specified previous year, in other cases. Specified date : Not applicable Specified date means: Due date of furnishing return u/s 139(1), or Date of expiry of the period specified in 153A notice for filing return of income “Undisclosed income” refers to both income not recorded or disclosed as well as false expenditure recorded in books of account or other documents. In respect of income, the income of the “specified previous year” represented by money, bullion, jewellery or other valuable article or thing or entry in books of account or other documents or transactions found in the course of search, which has – Not been recorded on or before the date of search in the books of account / documents maintained in the normal course relating to such previous year, or Otherwise not been disclosed to the Principal Chief Commissioner / Chief Commissioner / Principal Commissioner / Commissioner before the date of search “Undisclosed income” refers to both income not recorded or disclosed as well as false expenditure recorded in books of account or other documents. In respect of income, the income of the “specified previous year” represented by money, bullion, jewellery or other valuable article or thing or entry in books of account or other documents or transactions found in the course of search, which has – Not been recorded on or before the date of search in the books of account / documents maintained in the normal course relating to such previous year, or Otherwise not been disclosed to the Principal Chief Commissioner / Chief Commissioner / Principal Commissioner / Commissioner before the date of search
In respect of expenditure, where income of the “specified previous year” is represented by any entry for expense recorded in books / documents maintained in the normal course relating to the “specified previous year”, which is found to be false and which would not have been found to be false if the search had not been conducted. In respect of expenditure, where income of the “specified previous year” is represented by any entry for expense recorded in books / documents maintained in the normal course relating to the “specified previous year”, which is found to be false and which would not have been found to be false if the search had not been conducted. No penalty u/s 271(1)(c) is imposable in respect of undisclosed income referred to in this section. No penalty u/s 271(1)(c) is imposable in respect of undisclosed income referred to in this section. The provisions of Section 274 are applicable: Reasonable opportunity of being heard should be given. The approval of the Joint Commissioner is required to be obtained by the Income Tax Officer where penalty exceeds Rs.10,000, and by the Assistant Commissioner or Deputy Commissioner where penalty exceeds Rs.20,000 The provisions of Section 274 are applicable: Reasonable opportunity of being heard should be given. The approval of the Joint Commissioner is required to be obtained by the Income Tax Officer where penalty exceeds Rs.10,000, and by the Assistant Commissioner or Deputy Commissioner where penalty exceeds Rs.20,000 Limitation for passing order of penalty as specified in Section 275 is applicable Limitation for passing order of penalty as specified in Section 275 is applicable