https://www.taxtmi.com/caselaws?id=276332 For computing the maximum penalty for concealment, the expression "income as returned" refers to income disclosed in the return, not additions made later by the assessing officer for want of evidence. Read with the return-and-assessment scheme, the statutory comparison is between tax on the returned income and tax on the finally assessed income; the tax allegedly avoided is not confined to the concealed item alone. The extent of concealment matters only in fixing the penalty within the statutory ceiling, not in calculating that ceiling. The reference was answered in favour of the Revenue. 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 For computing the maximum penalty for concealment, the expression "income as returned" refers to income disclosed in the return, not additions made later by the assessing officer for want of evidence. Read with the return-and-assessment scheme, the statutory comparison is between tax on the returned income and tax on the finally assessed income; the tax allegedly avoided is not confined to the concealed item alone. The extent of concealment matters only in fixing the penalty within the statutory ceiling, not in calculating that ceiling. The reference was answered in favour of the Revenue. Case-Laws Income Tax Wed, 24 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276332