https://www.taxtmi.com/caselaws?id=8729 Penalty under section 28(1)(c) requires sufficient material showing concealment of income or deliberate furnishing of inaccurate particulars at the time proceedings are initiated. On the record available at initiation, the circumstantial material did not complete the link connecting the business with the assessee-firm, so concealment was not established then. However, evidence that comes into existence after initiation but before completion of the penalty proceedings may be considered in deciding liability. Material created only after the penalty order cannot be used. The later material available during the proceedings could therefore be taken into account, but the subsequent letter could not. en-us Wed, 23 Feb 1972 00:00:00 +0530 Wed, 03 Jun 2009 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8729 Penalty under section 28(1)(c) requires sufficient material showing concealment of income or deliberate furnishing of inaccurate particulars at the time proceedings are initiated. On the record available at initiation, the circumstantial material did not complete the link connecting the business with the assessee-firm, so concealment was not established then. However, evidence that comes into existence after initiation but before completion of the penalty proceedings may be considered in deciding liability. Material created only after the penalty order cannot be used. The later material available during the proceedings could therefore be taken into account, but the subsequent letter could not. Case-Laws Income Tax Wed, 23 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8729