129. Incorrect distribution of income by registered firm—

¹129.]Incorrect distribution of income by registered firm—

Where, in the course of any proceeding under this Ordinance, the Deputy Commissioner of Taxes, the Appellate Joint Commissioner ³[, the Commissioner (Appeals)] or the Appellate Tribunal is satisfied that the profits of a registered firm have been distributed otherwise than in accordance with shares of the partners as shown in the instrument of partnership registered underthis ordinance governing such distribution and that any partner has thereby returned his income below its real amount,he or it may impose on such partner a penalty of a sum not exceeding one and a half times the amount of tax which has been avoided, or would have been avoided, if the income returned by such partner had been accepted as his correct income, and no refund or other adjustment shall be claimable by any other partner on account of imposition of such penalty]

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¹Omitted by F.A. 1998   

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