https://www.taxtmi.com/caselaws?id=39574 Penalty under section 28(1)(c) of the Indian Income-tax Act, 1922, is penal in character and can be sustained only if the revenue proves that the disputed amount was the assessee's income and that there was concealment of particulars or deliberate furnishing of inaccurate particulars. On the facts noted, the Tribunal found the evidence insufficient to show that the cash credits and disputed receipt were income of the assessee or that concealment was established. Mere suspicion or an inadequate explanation was not enough to justify penalty, so the levy was held unjustified. en-us Fri, 19 Nov 1971 00:00:00 +0530 Mon, 19 Apr 2010 09:55:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39574 Penalty under section 28(1)(c) of the Indian Income-tax Act, 1922, is penal in character and can be sustained only if the revenue proves that the disputed amount was the assessee's income and that there was concealment of particulars or deliberate furnishing of inaccurate particulars. On the facts noted, the Tribunal found the evidence insufficient to show that the cash credits and disputed receipt were income of the assessee or that concealment was established. Mere suspicion or an inadequate explanation was not enough to justify penalty, so the levy was held unjustified. Case-Laws Income Tax Fri, 19 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39574