What is the penalty for concealment of income?
Where, in the course of any proceedings under this Ordinance, the Commissioner, Commissioner (Appeals), or the Appellate Tribunal is satisfied that any person has either in the said proceedings or in any earlier proceedings relating to an assessment in respect of the same tax year concealed income or furnished inaccurate particulars of such income, the Commissioner, Commissioner (Appeals), or the Appellate Tribunal, as the case may be, may, by an order in writing, impose upon the person a penalty equal to the amount of tax which the person sought to evade by concealment of income or the furnishing of inaccurate particulars of such income. For the purposes of subsection (1), concealment of income or the furnishing of inaccurate particulars of income shall include – the suppression of any income or amount chargeable to tax; the claiming of any deduction for any expenditure not actually incurred; or any act referred to in sub-section (1) of section 111. Where any ...