Clause (c) of Explanation 4 to Section 271(1) should be amended, so that penalty on concealment of income is not charged on income other than concealed income.
Indirect way of charging penalty leads to increase in tax liability of the assessee, computed in Calculation Sheet attached.
I have already forwarded the suggestion to the Chairman, CBDT in month of May, 2009 since it was in public interest, but no satisfactory answer has been received. I request all the readers to consider the same and please support me in these matter. Let we make effort together for public interest
Attached File : 6 tax calculation.xls downloaded: 170 times
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