https://www.taxtmi.com/caselaws?id=276784 A second concealment penalty was sustainable where later-discovered books revealed the actual profits of the Bangkok business and showed that the original return had omitted disclosure of relevant income. The earlier penalty had been imposed on an estimated assessment basis, so it rested on different facts from the later penalty based on fresh material. The prior imposition of one penalty did not bar another penalty for the same assessment year when the second proceeding was founded on independently discovered evidence of concealment. The contention that only one penalty could be levied was rejected. en-us Wed, 13 Apr 1960 00:00:00 +0530 Sat, 17 Nov 2018 12:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276784 A second concealment penalty was sustainable where later-discovered books revealed the actual profits of the Bangkok business and showed that the original return had omitted disclosure of relevant income. The earlier penalty had been imposed on an estimated assessment basis, so it rested on different facts from the later penalty based on fresh material. The prior imposition of one penalty did not bar another penalty for the same assessment year when the second proceeding was founded on independently discovered evidence of concealment. The contention that only one penalty could be levied was rejected. Case-Laws Income Tax Wed, 13 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276784