Notice u/s 148

Yashika Jain (Article Assistant) (173 Points)

01 June 2017  
One of the person has received the notice u/s 148 in which it is stated that for AY 10-11, the assessee has escaped assessment u/s 147 of the IT Act. Reason behind this is assessee has booked profit through bought and sold of shares of commodities of Rs 950,000 which is nothing but routing of unaccounted fund of profits in his/her bank accounts. If the assessee agree to the same then what will be the consequences. What penalty, tax etc to be paid? plz help