https://www.taxtmi.com/caselaws?id=7307 Penalty proceedings under section 28(1)(c) were treated as penal in nature, requiring the revenue to prove concealment of particulars of income or furnishing of inaccurate particulars. A merely false or improbable explanation about the source of investment did not, by itself, establish concealment. On the Tribunal's finding that the assessee had only offered a false explanation about the source of purchases and concealment was not positively proved, the levy of penalty was held to be unjustified in law in favour of the assessee. en-us Fri, 03 May 1968 00:00:00 +0530 Tue, 17 Feb 2009 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7307 Penalty proceedings under section 28(1)(c) were treated as penal in nature, requiring the revenue to prove concealment of particulars of income or furnishing of inaccurate particulars. A merely false or improbable explanation about the source of investment did not, by itself, establish concealment. On the Tribunal's finding that the assessee had only offered a false explanation about the source of purchases and concealment was not positively proved, the levy of penalty was held to be unjustified in law in favour of the assessee. Case-Laws Income Tax Fri, 03 May 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7307