https://www.taxtmi.com/caselaws?id=7015 Penalty for concealment of income or furnishing inaccurate particulars is penal in nature, so the department must establish a positive element of default and cannot rely merely on rejection of the assessee's explanation. A stock discrepancy by itself is insufficient unless supported by material showing concealment or deliberate furnishing of inaccurate particulars. Here, the Tribunal had only disbelieved the explanation and had not found any additional evidence to support the charge, so the levy of penalty was not justified and the question was answered in favour of the assessee. en-us Wed, 03 Aug 1966 00:00:00 +0530 Sat, 07 Feb 2009 19:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7015 Penalty for concealment of income or furnishing inaccurate particulars is penal in nature, so the department must establish a positive element of default and cannot rely merely on rejection of the assessee's explanation. A stock discrepancy by itself is insufficient unless supported by material showing concealment or deliberate furnishing of inaccurate particulars. Here, the Tribunal had only disbelieved the explanation and had not found any additional evidence to support the charge, so the levy of penalty was not justified and the question was answered in favour of the assessee. Case-Laws Income Tax Wed, 03 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7015