https://www.taxtmi.com/caselaws?id=39208 Penalty under section 28(1)(c) of the Indian Income-tax Act, 1922 applies where concealment of income or deliberate furnishing of inaccurate particulars is established. In cases of unexplained accretion to wealth, the assessee must explain the source because the acquisition and its source are peculiarly within the assessee's knowledge. An estimated or ad hoc allocation of the accretion across assessment years does not, by itself, defeat concealment or make the penalty provision inapplicable. The analysis states that the earlier finding linking the accretions to the relevant years remained operative, and penalty could not be disturbed without a clear finding that there was no concealment for each year. en-us Thu, 07 Nov 1974 00:00:00 +0530 Tue, 13 Apr 2010 17:12:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39208 Penalty under section 28(1)(c) of the Indian Income-tax Act, 1922 applies where concealment of income or deliberate furnishing of inaccurate particulars is established. In cases of unexplained accretion to wealth, the assessee must explain the source because the acquisition and its source are peculiarly within the assessee's knowledge. An estimated or ad hoc allocation of the accretion across assessment years does not, by itself, defeat concealment or make the penalty provision inapplicable. The analysis states that the earlier finding linking the accretions to the relevant years remained operative, and penalty could not be disturbed without a clear finding that there was no concealment for each year. Case-Laws Income Tax Thu, 07 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39208