However, due to amendment in the rule it is optional. Thus,if in response to such intimation u/s 74 (5) person pays such ascertained tax and interest, then he will required to pay penalty equivalent to 15 % of the such tax in fraud case. And no penalty is payable under section 73 (5) for normal case.
R P S K & Associates
Nashik
CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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Vardhaman Group of India
Pimpri Chinchwad
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Rahul Dang & Associates-Chartered Accountants
Pune
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