https://www.taxtmi.com/caselaws?id=39571 Penalty proceedings under the Income-tax Act are penal in character, so the department must establish from the totality of circumstances that the disputed amount was income and that the assessee concealed particulars or furnished inaccurate particulars. A false or inconsistent explanation about the source of an investment is not, by itself, positive evidence of concealment, and assessment findings are relevant but not conclusive in penalty proceedings. On that footing, cancellation of the penalty under section 28(1)(c) was justified. en-us Tue, 06 Mar 1973 00:00:00 +0530 Sat, 17 Apr 2010 13:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39571 Penalty proceedings under the Income-tax Act are penal in character, so the department must establish from the totality of circumstances that the disputed amount was income and that the assessee concealed particulars or furnished inaccurate particulars. A false or inconsistent explanation about the source of an investment is not, by itself, positive evidence of concealment, and assessment findings are relevant but not conclusive in penalty proceedings. On that footing, cancellation of the penalty under section 28(1)(c) was justified. Case-Laws Income Tax Tue, 06 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39571