https://www.taxtmi.com/caselaws?id=21024 Allegations of concealment of income and fabrication of account books based on two gunny-bag transactions were not proved. The first transaction was reflected as a purchase and later sale at a loss, and the record did not credibly show that the buyer was a sister concern or that the deal was sham. The second omission was explained by the contemporaneous stock and borrowing arrangement, and the Income-tax Officer had accepted rectification of the clerical mistake. The evidence also showed matched purchases and sales of gunny bags during the relevant year, which negatived deliberate concealment. The charge of tax evasion and false accountancy therefore failed, and the acquittal stood. en-us Tue, 28 Apr 1992 00:00:00 +0530 Wed, 18 Nov 2009 16:51:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21024 Allegations of concealment of income and fabrication of account books based on two gunny-bag transactions were not proved. The first transaction was reflected as a purchase and later sale at a loss, and the record did not credibly show that the buyer was a sister concern or that the deal was sham. The second omission was explained by the contemporaneous stock and borrowing arrangement, and the Income-tax Officer had accepted rectification of the clerical mistake. The evidence also showed matched purchases and sales of gunny bags during the relevant year, which negatived deliberate concealment. The charge of tax evasion and false accountancy therefore failed, and the acquittal stood. Case-Laws Income Tax Tue, 28 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21024