https://www.taxtmi.com/caselaws?id=5127 The penalty ceiling under section 28(1)(c) of the Income-tax Act, 1922 is determined by the tax avoided on the income returned as disclosed in the return, not by confining the computation to the tax referable only to the concealed items. The expression "income as returned" means the income actually shown by the assessee in the return, and "avoided" refers to tax that would have escaped assessment if that return had been accepted as correct. Once concealment is established, the maximum penalty is worked out by comparing the tax on the returned income with the tax on the income finally assessed. en-us Tue, 03 Sep 1968 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5127 The penalty ceiling under section 28(1)(c) of the Income-tax Act, 1922 is determined by the tax avoided on the income returned as disclosed in the return, not by confining the computation to the tax referable only to the concealed items. The expression "income as returned" means the income actually shown by the assessee in the return, and "avoided" refers to tax that would have escaped assessment if that return had been accepted as correct. Once concealment is established, the maximum penalty is worked out by comparing the tax on the returned income with the tax on the income finally assessed. Case-Laws Income Tax Tue, 03 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5127