https://www.taxtmi.com/caselaws?id=7824 Penalty under section 28(1)(c) of the Income-tax Act, 1922 is penal in character and cannot rest on a mere unsatisfactory explanation by the assessee. The revenue must affirmatively prove concealment of income or deliberate furnishing of inaccurate particulars through material independent of the failure to explain receipts or investments, and the requisite mental element must be inferable from the record. On the facts found in reassessment proceedings, concealment was not proved, so the penalty was not justified. en-us Mon, 30 Mar 1970 00:00:00 +0530 Thu, 19 Mar 2009 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7824 Penalty under section 28(1)(c) of the Income-tax Act, 1922 is penal in character and cannot rest on a mere unsatisfactory explanation by the assessee. The revenue must affirmatively prove concealment of income or deliberate furnishing of inaccurate particulars through material independent of the failure to explain receipts or investments, and the requisite mental element must be inferable from the record. On the facts found in reassessment proceedings, concealment was not proved, so the penalty was not justified. Case-Laws Income Tax Mon, 30 Mar 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7824