https://www.taxtmi.com/caselaws?id=287160 Penalty for concealment under section 28(1)(c) of the Income-tax Act, 1922 is attracted where the accounts and surrounding transactions justify a reasonable inference of deliberate suppression, even if the assessee's explanation is only disbelieved and not affirmatively disproved. Mere rejection of the explanation is not enough by itself, but where the entries are unintelligible and the explanation is improbable, the authority may infer that the amounts were recorded to conceal their true source. On the facts stated, the court upheld the penalty and answered the reference in favour of the Revenue. en-us Mon, 01 Mar 1965 00:00:00 +0530 Wed, 01 Apr 2020 12:33:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287160 Penalty for concealment under section 28(1)(c) of the Income-tax Act, 1922 is attracted where the accounts and surrounding transactions justify a reasonable inference of deliberate suppression, even if the assessee's explanation is only disbelieved and not affirmatively disproved. Mere rejection of the explanation is not enough by itself, but where the entries are unintelligible and the explanation is improbable, the authority may infer that the amounts were recorded to conceal their true source. On the facts stated, the court upheld the penalty and answered the reference in favour of the Revenue. Case-Laws Income Tax Mon, 01 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287160