(4)[ If the ] [Substituted by Act 4 of 1988, Section 106 (w.e.f. 1.4.1989).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][or the ] [Substituted by Act 4 of 1988, Section 106 (w.e.f. 1.4.1989).] [* * *] [ Omitted by Act 21 of 1998, Section 65 (w.e.f. 1.10.1998).] [Commissioner (Appeals)] [ Inserted by Act 29 of 1977, Section 39 and Schedule V (w.e.f. 10.7.1978).][in the course of any proceedings under this Act, is satisfied that the profits of a registered firm have been distributed otherwise than in accordance with the shares of the partners as shown in the instrument of partnership on the basis of which the firm has been registered under this Act, and that any partner has thereby returned his income below its real amount, he may direct that such partner shall, in addition to the tax, if any, payable by him, pay by way of penalty a sum not exceeding one and a half times the amount of tax which has been avoided, or would have been avoided if the income returned by such partner had been accepted as his correct income; and no refund or other adjustment shall be claimable by any other partner by reason of such direction.] [Substituted by Act 4 of 1988, Section 106 (w.e.f. 1.4.1989).][* * *] [ Omitted by Act 41 of 1975, Section 61 (w.e.f. 1.10.1975).]
