Penalty for under reporting of tax bases.

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....ater than the maximum amount not chargeable to tax, if any, where no return of tax bases has been filed;      (b) the tax bases assessed is greater than the tax bases disclosed in the return of tax bases; or      (c) the tax bases reassessed is greater than the tax bases assessed immediately before the re-assessment.    (4) The amount of tax bases under reported shall be the aggregate amount of the addition or disallowance made by the Assessing Officer, the Commissioner or the Commissioner (Appeals), as the case may be.    (5) The aggregate amount of the addition or disallowance made by the Assessing Officer in assessment or re-assessment shall, in a case—  &n....

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....y the Commissioner (Appeals) in the order under appeal.    (8) Subject to the provisions of sub-section (10), 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 135, if the assessee claims that such assets have been acquired by him by utilising (wholly or in part) his income for any financial year which has ended before the date of search, and—        (i) the due date for fi....

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....art, for any financial year which has ended before the date of search during the course of which the assets were seized, and—        (i) the due date for filing the return of tax bases for the financial year has expired, but the assessee has not filed such return; or        (ii) the return of tax bases for such financial year has been furnished before the date of search, but such tax bases has not been declared therein;      (d) in a case where the source of any receipt, deposit or investment in any financial year is claimed to have been added or deducted, as the case may be, in any year prior to the financial year in which such receipt, deposit or in....

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....lanation.       (b) the amount relating to addition or disallowance determined on the basis of an estimate by the Assessing Officer, if the accounts are correct and complete to the satisfaction of the Assessing Officer, but the method employed is such that, in the opinion of the Assessing Officer, the income cannot properly be deduced therefrom;       (c) the amount relating to addition or disallowance pertaining to any issue, determined on the basis of an estimate by the Assessing Officer, if the assessee—          (i) has, on his own, estimated a lower amount of addition or disallowance on the same issue;      &....