https://www.taxtmi.com/caselaws?id=285382 An assessment may be sustained where surrounding circumstances make the assessee's explanation for fixed deposits implausible and the material supports an inference that the funds were secret income from an undisclosed source; the fixed deposit amount was therefore upheld as taxable in the assessee's hands. In contrast, penalty for concealment under the Income-tax Act is penal in nature, so the Revenue must prove concealment or deliberate furnishing of inaccurate particulars, and that burden does not shift to the assessee. As the department failed to discharge that burden on the record, the penalty under section 28(1)(c) was held invalid and set aside. en-us Wed, 31 Jan 1962 00:00:00 +0530 Thu, 09 Jan 2020 15:47:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285382 An assessment may be sustained where surrounding circumstances make the assessee's explanation for fixed deposits implausible and the material supports an inference that the funds were secret income from an undisclosed source; the fixed deposit amount was therefore upheld as taxable in the assessee's hands. In contrast, penalty for concealment under the Income-tax Act is penal in nature, so the Revenue must prove concealment or deliberate furnishing of inaccurate particulars, and that burden does not shift to the assessee. As the department failed to discharge that burden on the record, the penalty under section 28(1)(c) was held invalid and set aside. Case-Laws Income Tax Wed, 31 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285382