https://www.taxtmi.com/caselaws?id=6513 In penalty proceedings under income-tax law, concealment must be established by the revenue because such proceedings are quasi-criminal in nature. The record showed that one fixed deposit receipt was reflected in the assessee's balance-sheet, both deposits were included in wealth-tax returns as assets of the assessee, there was no proof of a valid gift to the wife, and the funds were later used for the assessee's benefit. On those facts, the deposits were treated as belonging to the assessee and the related income as taxable in its hands, so the material supported the finding that no referable question of law arose from the Tribunal's order. en-us Thu, 10 Mar 1977 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6513 In penalty proceedings under income-tax law, concealment must be established by the revenue because such proceedings are quasi-criminal in nature. The record showed that one fixed deposit receipt was reflected in the assessee's balance-sheet, both deposits were included in wealth-tax returns as assets of the assessee, there was no proof of a valid gift to the wife, and the funds were later used for the assessee's benefit. On those facts, the deposits were treated as belonging to the assessee and the related income as taxable in its hands, so the material supported the finding that no referable question of law arose from the Tribunal's order. Case-Laws Income Tax Thu, 10 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6513