https://www.taxtmi.com/caselaws?id=276333 Under Section 28(1) of the Income-tax Act, 1922, the ceiling on concealment penalty is computed by comparing the tax on the income returned with the tax on the income finally assessed under the Act. The later income disclosed in penalty proceedings does not change the assessed income for fixing that statutory limit, though such evidence may be relevant when determining the quantum of penalty within the limit. The construction previously adopted of Section 28 was approved, and the penalty limit was held to depend on the assessed income rather than the income subsequently disclosed in the penalty enquiry. 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 Under Section 28(1) of the Income-tax Act, 1922, the ceiling on concealment penalty is computed by comparing the tax on the income returned with the tax on the income finally assessed under the Act. The later income disclosed in penalty proceedings does not change the assessed income for fixing that statutory limit, though such evidence may be relevant when determining the quantum of penalty within the limit. The construction previously adopted of Section 28 was approved, and the penalty limit was held to depend on the assessed income rather than the income subsequently disclosed in the penalty enquiry. Case-Laws Income Tax Wed, 13 Jun 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276333