https://www.taxtmi.com/caselaws?id=191926 Omission to bring closing stock value into account was held not to constitute concealment of income or deliberate furnishing of inaccurate particulars for penalty purposes. Penalty under section 28(1)(c) of the Income-tax Act, 1922 is penal in character, so the revenue must prove the requisite guilty intent. On the facts, the assessee's hybrid accounting method, the early stage of the business, and the surrounding circumstances did not show a conscious attempt to suppress income. The revenue failed to discharge its burden, and the penalty was not legally sustainable. en-us Wed, 22 Jan 1964 00:00:00 +0530 Wed, 03 May 2017 16:52:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191926 Omission to bring closing stock value into account was held not to constitute concealment of income or deliberate furnishing of inaccurate particulars for penalty purposes. Penalty under section 28(1)(c) of the Income-tax Act, 1922 is penal in character, so the revenue must prove the requisite guilty intent. On the facts, the assessee's hybrid accounting method, the early stage of the business, and the surrounding circumstances did not show a conscious attempt to suppress income. The revenue failed to discharge its burden, and the penalty was not legally sustainable. Case-Laws Income Tax Wed, 22 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191926