https://www.taxtmi.com/caselaws?id=276333 Section 28's penalty ceiling is the tax the revenue would have lost if the false return had been accepted, i.e., the difference between tax on the income declared in the false return and tax on the income assessed; within that statutory ceiling the tax authorities retain discretion to impose and quantify the penalty, subject to the procedural requirement that the assessee be heard under Section 28(3). Evidence concerning the assessee's real income is admissible in penalty proceedings to inform whether, and to what extent, a penalty should be imposed. en-us Wed, 13 Jun 1934 00:00:00 +0530 Tue, 06 Nov 2018 15:51:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276333 Section 28's penalty ceiling is the tax the revenue would have lost if the false return had been accepted, i.e., the difference between tax on the income declared in the false return and tax on the income assessed; within that statutory ceiling the tax authorities retain discretion to impose and quantify the penalty, subject to the procedural requirement that the assessee be heard under Section 28(3). Evidence concerning the assessee's real income is admissible in penalty proceedings to inform whether, and to what extent, a penalty should be imposed. Case-Laws Income Tax Wed, 13 Jun 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276333