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......................................................................................................................... Desrription All laws enacted by the Parliament and the State Legislature are meant for strict compliance and any violationis visited with penalty and even prosecution. Therefore every legislation contains elaborate provisions to deal with violations thereof. Direct tax lasws are not exception to this and the Income-tax Act, 1961 as well as the Wealth -tax Act, 1957 contain elaborate provisions relating to penalties and prosecution for effectively dealing with those who fail to comply with the provisioins. Therefore a study of the provisiions relating to penalties and prosecution is very important for every assessee. This book is a comprehensive and critical study of the law relating to Penalties & Prosecution under direct tax laws as they stand today. It traces the history of relevant provisions of Income Tax and Wealth Tax Acts along with the modifications from time to time and how the law has been interpreted by the judiciary. This book comprises the law as updated upto Finance Act, 2011 and includes the educidation of the law as clarified by Circulars and Instructions of Central Board of Direct Taxes from time to time and also our appraisal of the statutory and legfal provisions. Power of granting immunity from penalty or prosecution has been vested in the Commissioner if a person after abatement of settlement proceedings under Section 245HA applies to him and satisfied his of true and correct disclosure and cooperation. The law of prosecution under both Income Tax and Wealth Tax Acts has been discussed in depth along with relevant provisions of Indian Penal Code, 1860 and Criminal Procedure Code, 1973 substantiated by recent case law. Besides discussing the subject of inerest payable by the taxpayer, the book deals in detail with interest payable on refunds to the taxpayer by the Government under Section 244A also. The case law and statutory law have been brought up do date. Penalty and prosecutionprovisions have beenevaluated on the basis of their rationale and effectiveness and suggestions have been made for suitable amendments and modification for making the law more just and euqitable. ......................................................................................................................... Contents 1. Introduction 2. Imposition of Penalties :General Principles 3. Penalty for Non-Filing or delay in filing Return:Sections 271(1)(a) & 27 (2) 4. Penalty U/S 271(1)(b) : Failure to comply with notices 5. Concealment of Income : Penalty under Section 6. Penalties on Firms 7. Exceptions and Limitations to Levy of Penalty - Sections - 271 (3) & 271(5) 8. Penalties for failure tro furnish annual information return, infrigement of fringe benefits tax, and banking cash transaction tax 9. Failure to pay Self-Assessment Tax-Penalty under Sectiion 140A(3) 10. Penallty when Tax is in Default : Section 221 11. Penalty and interest Leviable in respect of Deduction and collection of Tax at Source 12. Pemalties leviable in search and seizure cases 13. Other Penalties 14. Enforcing Attendance and Production of Evidence Section 131 15. Procedure Provisions Relating to Penalty: Section 274 16. Limitation for completing penalty proceedings: Section 275 16. Interest Chargeable in Search Cases 17. Default in Filing Return : Interest under Section 234A 18. Default Payment of Advance Tax : Interest under section 234B 19. Deferment of Advance tax interest under section 234C 20. Interest on Excess Refund - Section 234 D 21. Failure to Deduct or pay tax deducted at Source interest under section Default ......................................................................................................................... Author's Details Shri. S. R. Kharabanda was a retired Commissioner of Income – tax who served in the aforementioned capacity at Shillong, Kanpur, Lucknow, Patna and Agra. He also worked as a Regional Director, Company Law Administration, Northern India. After retirement he was practicing as advocate and tax consultant and had been retained as a taxation and financial advisor by a number of companies. An M.A. in Mathematics he also topped the LLB Examinations of Kanpur University and was awarded the Chancellor’s medal. He was on the editorial board of the journals. “Taxation”, “Taxman” and “Judgement Today”. He was extensively written on taxation and allied subjects in professional and economic journals. He was also author of the book “Search & Seizure under Income Tax Law” and co-author of the book “Tax Deduction & Collection at Source” with Shri Arun Kharabanda. He has also rewritten the fourth edition of the book “Income Tax Pleadings, Practice and Procedure”. Shri Prem Nath Shri Prem Nath is also a retired officer of the Indian Revenue Services who had successively functioned as Income Tax Officer, Appellate & Inspecting Assistant Commissioner and Commissioner of Income Tax, He has had extensive experience of working as financial advisor to a number of ministries of the Central Government and served as director of a few public sector companies. He was a Member of the Appellate Tribunal for forfeited Property, the final court of appeal in respect of properties forfeited under the smugglers & Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. Keenly interested in taxation laws, he has been contributing to professionals journals, mainly on the subject of simplication of tax laws. Both the authors are also co-authors of the following books. (i) “interest under Direct Tax Laws” (ii) “Penalties and Prosecution under the Direct Tax Laws”; (iii) “Law Relating to Depreciation” .........................................................................................................................
