https://www.taxtmi.com/caselaws?id=25288 Penalty for concealment cannot be sustained for an assessment year to which the undisclosed income does not belong. The Bombay HC treated penalty proceedings under section 28(1)(c) of the 1922 Act as penal in nature and held that an assessment finding is only evidentiary, not conclusive, in such proceedings. On the material recorded, the cash credits aggregating to Rs. 24,600 were made in the financial year ending 31 March 1949, so they related to assessment year 1949-50 and not 1950-51. The penalty for alleged non-disclosure in assessment year 1950-51 was therefore held unsustainable, against the Revenue and in favour of the assessee. en-us Thu, 15 Jan 1987 00:00:00 +0530 Wed, 27 Jan 2010 17:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25288 Penalty for concealment cannot be sustained for an assessment year to which the undisclosed income does not belong. The Bombay HC treated penalty proceedings under section 28(1)(c) of the 1922 Act as penal in nature and held that an assessment finding is only evidentiary, not conclusive, in such proceedings. On the material recorded, the cash credits aggregating to Rs. 24,600 were made in the financial year ending 31 March 1949, so they related to assessment year 1949-50 and not 1950-51. The penalty for alleged non-disclosure in assessment year 1950-51 was therefore held unsustainable, against the Revenue and in favour of the assessee. Case-Laws Income Tax Thu, 15 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25288