https://www.taxtmi.com/caselaws?id=8087 Penalty for concealment under section 28(1)(c) of the Income-tax Act, 1922 was treated as unsustainable where the assessee's explanation, though unproved, was not contradicted by positive material showing concealment or deliberate furnishing of inaccurate particulars. The Tribunal's view that a mere failure to establish the explanation does not by itself justify penalty was accepted, because concealment ordinarily depends on factual inference drawn from surrounding circumstances. On that basis, no reference was directed on the alleged concealment issue. en-us Mon, 30 Mar 1970 00:00:00 +0530 Sat, 28 Mar 2009 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8087 Penalty for concealment under section 28(1)(c) of the Income-tax Act, 1922 was treated as unsustainable where the assessee's explanation, though unproved, was not contradicted by positive material showing concealment or deliberate furnishing of inaccurate particulars. The Tribunal's view that a mere failure to establish the explanation does not by itself justify penalty was accepted, because concealment ordinarily depends on factual inference drawn from surrounding circumstances. On that basis, no reference was directed on the alleged concealment issue. Case-Laws Income Tax Mon, 30 Mar 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8087