https://www.taxtmi.com/caselaws?id=38996 Section 28(1)(c) of the Indian Income-tax Act, 1922 fixed only a maximum penalty, leaving the Tribunal discretion to determine a reasonable amount on the facts. Although the Tribunal's original basis for quantifying penalty was incorrect because penalty could not be confined merely to tax evaded on the concealed income, the extent of concealment ultimately established remained a relevant factor. On that footing, reduction of the penalty to Rs. 5,000 was held not to be improper or unjustified, and the reference was answered against the revenue. en-us Thu, 13 Nov 1975 00:00:00 +0530 Sat, 10 Apr 2010 18:09:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38996 Section 28(1)(c) of the Indian Income-tax Act, 1922 fixed only a maximum penalty, leaving the Tribunal discretion to determine a reasonable amount on the facts. Although the Tribunal's original basis for quantifying penalty was incorrect because penalty could not be confined merely to tax evaded on the concealed income, the extent of concealment ultimately established remained a relevant factor. On that footing, reduction of the penalty to Rs. 5,000 was held not to be improper or unjustified, and the reference was answered against the revenue. Case-Laws Income Tax Thu, 13 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38996