https://www.taxtmi.com/article/detailed?id=1027 Two threshold conditions must coexist for penalty under the concealment provision: material circumstances permitting a reasonable conclusion that the amount is the assessee's income, and evidence of animus. The statutory explanation affects only the animus inquiry. An unproved but not disproved, bona fide clerical error in claiming depreciation, plausibly explained and rectified with no motive to benefit, means mere disallowance of the claim does not constitute concealment and does not justify penalty. en-us Tue, 23 Nov 2010 00:00:00 +0530 Tue, 23 Nov 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1027 Two threshold conditions must coexist for penalty under the concealment provision: material circumstances permitting a reasonable conclusion that the amount is the assessee's income, and evidence of animus. The statutory explanation affects only the animus inquiry. An unproved but not disproved, bona fide clerical error in claiming depreciation, plausibly explained and rectified with no motive to benefit, means mere disallowance of the claim does not constitute concealment and does not justify penalty. Articles Income Tax Tue, 23 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=1027