https://www.taxtmi.com/caselaws?id=8409 Penalty under section 28(1)(c) of the Income-tax Act, 1922 requires material from which concealment of income or deliberate furnishing of inaccurate particulars can be inferred. Mere rejection of the assessee's explanation is insufficient; the bank certificate only showed that goods had been pledged with the bank in quantities exceeding those in the stock books and did not by itself prove false stock accounts or concealment of income. In the absence of cogent positive evidence of concealment, the penalty could not be sustained, and the view that no penalty was exigible was upheld in favour of the assessee. en-us Sun, 10 Jan 1971 00:00:00 +0530 Sat, 11 Apr 2009 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8409 Penalty under section 28(1)(c) of the Income-tax Act, 1922 requires material from which concealment of income or deliberate furnishing of inaccurate particulars can be inferred. Mere rejection of the assessee's explanation is insufficient; the bank certificate only showed that goods had been pledged with the bank in quantities exceeding those in the stock books and did not by itself prove false stock accounts or concealment of income. In the absence of cogent positive evidence of concealment, the penalty could not be sustained, and the view that no penalty was exigible was upheld in favour of the assessee. Case-Laws Income Tax Sun, 10 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8409