(1) During the proceedings under this Act, if the authority is satisfied that any person, in the said proceedings or in any previous proceedings relating to the assessment of tax for the same income year, furnished the particulars of his income, assets, liabilities, expenditure, evades the amount payable under this Act by misrepresenting any other important information relating to the amount payable by the taxpayer, the authority conducting the proceedings shall impose on such person a fine equal to taka at figure.

a = Evaded amount × 15%,

b = Evaded amount × 10% × c,

c = Total years from the tax year in which the furnishing misrepresentation to the tax year in which the furnished misrepresentation was discovered.

(2) For the purposes of this section,-

(a) the words “proceeding governing the authority”;

(i) shall mean such Income-tax Authority not below the rank of Deputy Commissioner of Taxes; and

(ii) shall mean the Taxes Appellate Tribunal;

(d) “evaded amount” means c-d in any tax year, in which-

(c) if the income, assets, liabilities, expenses, or any other material information has not been furnished through misrepresenting, the tax and other sums payable in any tax year,

D = Amount actually paid in the relevant tax year.