https://www.taxtmi.com/caselaws?id=36577 For penalty under section 271(1)(a) read with section 271(2), the expression "assessed tax" in a reassessment under section 147 means the tax on the total income finally assessed for the year, not merely the incremental tax on the escaped income. The computation is made on the aggregate assessed income, subject only to statutory reductions for tax deducted at source or paid in advance. In a reassessment, the tax liability is therefore not confined to the difference between the original assessment and the reassessed income. The penalty scheme also treats a registered firm as an unregistered firm for this purpose. en-us Tue, 27 Nov 1979 00:00:00 +0530 Tue, 23 Mar 2010 12:24:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36577 For penalty under section 271(1)(a) read with section 271(2), the expression "assessed tax" in a reassessment under section 147 means the tax on the total income finally assessed for the year, not merely the incremental tax on the escaped income. The computation is made on the aggregate assessed income, subject only to statutory reductions for tax deducted at source or paid in advance. In a reassessment, the tax liability is therefore not confined to the difference between the original assessment and the reassessed income. The penalty scheme also treats a registered firm as an unregistered firm for this purpose. Case-Laws Income Tax Tue, 27 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36577