Penalty for under-reporting of tax base

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....ubsection (1) of section 148;     (b) the tax base assessed is greater than the tax base disclosed in the return of tax bases; or     (c) the tax base reassessed is greater than the tax base assessed immediately before the reassessment. (4) The amount of tax base under reported shall be the aggregate amount of the addition, or disallowance, made by the Assessing Officer, Commissioner or Commissioner (Appeals), as the case may be. (5) The aggregate amount of the addition, or disallowance, made by the Assessing Officer in assessment, or reassessment, shall,-     (a) in a case where no return of tax base has been filed as required by any provision of this Code, be the assessed tax bas....

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.... in the order so revised. (7) The aggregate amount of the addition, or disallowance, made by the Commissioner (Appeals) in appeal, shall be the aggregate of all enhancements made by the Commissioner (Appeals) in the order under appeal. (8) The aggregate amount of the addition, or disallowance, referred to in sub-sections (5) to (7) shall include-     (a) the amount of any money or the value of bullion, jewellery or other valuable article or thing, hereinafter referred to as 'assets', found in the possession of the assessee, or under his control, in the course of search under section 139, if-        (i) the assessee claims that such assets have been acquired by him by utilising (who....

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....     (B) been furnished before the date of search but such income has not been declared therein;     (c) any tax base based on any entry in any books of account or other documents or transactions, if-        (i) the assessee claims that such entry in the books of account or other documents or transactions represents his tax base, wholly or in part, for any financial year which has ended before the date of search during the course of which the assets were seized;        (ii) the due date for filing the return of tax base for the financial year has expired; and        (iii) the return of tax base for th....

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....ee,-        (i) has, on his own, estimated a lower amount of addition or disallowance on the same issue;        (ii) has included such amount in the computation of his tax base; and        (iii) has disclosed all the facts material to the addition or disallowance;     (d) the amount of tax base in respect of which the liability to tax has been discharged by way of pre-paid taxes;and     (e) the amount of undisclosed tax base referred to in section 225. (10) The tax payable in respect of the aggregate amount of the addition, or disallowance, shall be the amount of tax calculated on the aggregate amount of ....