https://www.taxtmi.com/caselaws?id=23059 Penalty under section 271(1)(c) cannot be sustained on the mere rejection of the assessee's explanation unless the Revenue adduces material showing concealment of income or furnishing of inaccurate particulars. The Tribunal found no such material and held that the amount credited in the books was a loan, not income. It also accepted that the assessee had discharged the burden under the Explanation by supporting the return with books of account and relevant records. On that basis, the penalty was held unsustainable and the questions were answered in favour of the assessee and against the Department. en-us Mon, 20 Aug 1990 00:00:00 +0530 Wed, 16 Dec 2009 13:45:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23059 Penalty under section 271(1)(c) cannot be sustained on the mere rejection of the assessee's explanation unless the Revenue adduces material showing concealment of income or furnishing of inaccurate particulars. The Tribunal found no such material and held that the amount credited in the books was a loan, not income. It also accepted that the assessee had discharged the burden under the Explanation by supporting the return with books of account and relevant records. On that basis, the penalty was held unsustainable and the questions were answered in favour of the assessee and against the Department. Case-Laws Income Tax Mon, 20 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23059