https://www.taxtmi.com/caselaws?id=39147 Whether penalty proceedings must be completed with assessment: HC held that penalty and assessment are distinct proceedings; statutory scheme (separate appeals, s.275 limitation) and differing authorities confirm they need not be simultaneous - outcome: challenge to assessment on this ground dismissed in favour of revenue. Whether receipts constituted income under s.68/ss.2(24)/2(22)(e)(ii): HC held s.68 is substantive, treating unexplained credits as profits/gains and the definition sections may render such receipts income - outcome: legal character of the receipts supports revenue's contention. Whether concealment was proved so as to sustain penalty: HC held burden of proof on revenue; confessions in unrelated proceedings were inadmissible, bank records not obtained and source not satisfactorily established - outcome: concealment not proved and relief granted to the assessee. en-us Wed, 10 Jul 1974 00:00:00 +0530 Fri, 16 Jan 2026 17:15:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39147 Whether penalty proceedings must be completed with assessment: HC held that penalty and assessment are distinct proceedings; statutory scheme (separate appeals, s.275 limitation) and differing authorities confirm they need not be simultaneous - outcome: challenge to assessment on this ground dismissed in favour of revenue. Whether receipts constituted income under s.68/ss.2(24)/2(22)(e)(ii): HC held s.68 is substantive, treating unexplained credits as profits/gains and the definition sections may render such receipts income - outcome: legal character of the receipts supports revenue's contention. Whether concealment was proved so as to sustain penalty: HC held burden of proof on revenue; confessions in unrelated proceedings were inadmissible, bank records not obtained and source not satisfactorily established - outcome: concealment not proved and relief granted to the assessee. Case-Laws Income Tax Wed, 10 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39147