Penalty u/s 271(1)(c) Reviewed: Must Reflect Tax Evasion from Concealed Income, Not Total Tax Chargeable.

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....Levy of penalty u/s 271 (1) (c) on "estimated income” by the assessing authority - The discussion is concluded by holding that the penalty is determined on the amount of tax sought to be evaded, by the concealment of income etc.., but not on the total tax chargeable on the assessee. - HC....