https://www.taxtmi.com/caselaws?id=8100 Where concealment of income under section 28(1)(c) of the Income-tax Act, 1922 is established on the facts found, the penalty is attracted by the act of concealment itself and not by a proportionate calculation based on the amount concealed. On the facts discussed, the Tribunal found deliberate omission of cotton seed transactions, inflated purchase figures and an unexplained gunnies account, showing concealed income. The penalty was upheld because it remained within the statutory maximum, and the exclusion of one item treated as concealed did not require recomputation of the levy. The assessee's challenge therefore failed. en-us Wed, 05 Aug 1970 00:00:00 +0530 Sat, 28 Mar 2009 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8100 Where concealment of income under section 28(1)(c) of the Income-tax Act, 1922 is established on the facts found, the penalty is attracted by the act of concealment itself and not by a proportionate calculation based on the amount concealed. On the facts discussed, the Tribunal found deliberate omission of cotton seed transactions, inflated purchase figures and an unexplained gunnies account, showing concealed income. The penalty was upheld because it remained within the statutory maximum, and the exclusion of one item treated as concealed did not require recomputation of the levy. The assessee's challenge therefore failed. Case-Laws Income Tax Wed, 05 Aug 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8100