Section 10(2)(b) in The Compulsory Deposit Scheme (Income Tax Payers) Act, 1974

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Union of India - Subsection

Section 10(2)(b) in The Compulsory Deposit Scheme (Income Tax Payers) Act, 1974

(b)has made the compulsory deposit within such time on the basis of his own estimate but the deposit so made falls short of] seventy- five per cent. of the compulsory deposit which he would have been liable to make on the basis of his correct income and there is no reasonable cause for making such short payment"];the Income- tax Officer may"] by order in writing, direct that such person shall pay by way of penalty a sum-

(i)which, in the case referred to in clause (a), shall be equal to twenty- five per cent. of the compulsory deposit calculated with reference to his correct income; and

(ii)which, in the case referred to in clause (b), shall be equal to twenty- five per cent. of the amount by which the compulsory deposit made by him falls short of the compulsory deposit calculated with reference to his correct income.

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Union of India - Subsection

Section 10(2)(b) in The Compulsory Deposit Scheme (Income Tax Payers) Act, 1974