https://www.taxtmi.com/caselaws?id=276332 The court interpreted Section 28(1)(c) of the Indian Income-tax Act, focusing on penalties for concealing income. It clarified "income as returned" and "income-tax and super-tax avoided." The court upheld the penalty imposed on the assessee for concealing profits and undisclosed income. The maximum penalty calculation method was based on the tax difference between returned and assessed income. The court emphasized the discretionary nature of penalty imposition within statutory limits. The penalty of Rs. 62,000 was upheld, affirming the Tribunal's decision. The court ruled against limiting penalty computation to concealed income tax alone, ordering the assessee to pay costs. en-us Wed, 24 Feb 1965 00:00:00 +0530 Tue, 06 Nov 2018 15:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276332 The court interpreted Section 28(1)(c) of the Indian Income-tax Act, focusing on penalties for concealing income. It clarified "income as returned" and "income-tax and super-tax avoided." The court upheld the penalty imposed on the assessee for concealing profits and undisclosed income. The maximum penalty calculation method was based on the tax difference between returned and assessed income. The court emphasized the discretionary nature of penalty imposition within statutory limits. The penalty of Rs. 62,000 was upheld, affirming the Tribunal's decision. The court ruled against limiting penalty computation to concealed income tax alone, ordering the assessee to pay costs. Case-Laws Income Tax Wed, 24 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276332