ॐ असतो मा सद्गमय
Penalty equivalent to 100% of the tax.
(ICAI FAQ PUBLICATIONS 06-09-2107 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any willful misstatement or suppression of facts : FAQ NO. 17)
No. Where the person chargeable with tax, pays the tax along with interest under section 50 and applicable penalty within 30 days of communication of the order, all proceedings in respect of such notice except for proceedings under section 132 shall be deemed to be concluded.
(ICAI FAQ PUBLICATIONS 06-09-2017 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any willful misstatement or suppression of facts: FAQ NO. 16)
Where the proper officer is of the opinion that the amount paid under section 74(5) falls short of the actual amount payable, he shall proceed to issue show cause notice under section 74(1) for such shortfall.
(ICAI FAQ PUBLICATIONS 06-09-2017 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any willful misstatement or suppression of facts: FAQ NO. 15)