https://www.taxtmi.com/caselaws?id=286886 Documentary records and surrounding circumstances showed that the cash credited in Rameshwar Dass's account had been withdrawn from the bank and quickly disbursed as loans, which contradicted the assessee's explanation of safe custody and instalment withdrawals. The credit was therefore treated as the assessee's own money and sustained as income from undisclosed sources. On penalty, the Tribunal held that levy under section 28(1)(c) depended on whether the statutory conditions were proved on the facts, and the record did not disclose a distinct legal question. The penalty cancellation was upheld and no referable question of law was found. en-us Thu, 12 Nov 1970 00:00:00 +0530 Thu, 19 Mar 2020 14:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286886 Documentary records and surrounding circumstances showed that the cash credited in Rameshwar Dass's account had been withdrawn from the bank and quickly disbursed as loans, which contradicted the assessee's explanation of safe custody and instalment withdrawals. The credit was therefore treated as the assessee's own money and sustained as income from undisclosed sources. On penalty, the Tribunal held that levy under section 28(1)(c) depended on whether the statutory conditions were proved on the facts, and the record did not disclose a distinct legal question. The penalty cancellation was upheld and no referable question of law was found. Case-Laws Income Tax Thu, 12 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286886