Penalty for concealment of income: false cash credit explanations alone do not warrant penalty; deliberate concealment required.

Penalty for cash credits requires evidence that the amount represented assessable income and that the assessee consciously concealed income or deliberately furnished inaccurate particulars; an assessment finding alone is not conclusive and penalties imposed merely because an explanation is false should be dropped or withdrawn where no cogent evidence exists. The same standard applies under the corresponding later provision except where a statutory amendment made penalties leviable even for non deliberate inaccuracies in returns filed after that amendment.

---

---

---