https://www.taxtmi.com/caselaws?id=285383 Penalty for concealment of income was upheld where the assessee's explanation for cash credits and bank deposits was found unacceptable on the facts. The account books appeared to have been arranged to suggest that cash credits were properly ledgerised, while substantial fixed deposits in family members' names were omitted from the books and were used as collateral for bank overdrafts. On that material, the income-tax authorities were justified in inferring deliberate concealment rather than a mere failure to substantiate the explanation, and the penalty under section 28(1)(c) was validly imposed. en-us Wed, 28 Jun 1961 00:00:00 +0530 Thu, 09 Jan 2020 15:54:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285383 Penalty for concealment of income was upheld where the assessee's explanation for cash credits and bank deposits was found unacceptable on the facts. The account books appeared to have been arranged to suggest that cash credits were properly ledgerised, while substantial fixed deposits in family members' names were omitted from the books and were used as collateral for bank overdrafts. On that material, the income-tax authorities were justified in inferring deliberate concealment rather than a mere failure to substantiate the explanation, and the penalty under section 28(1)(c) was validly imposed. Case-Laws Income Tax Wed, 28 Jun 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285383