https://www.taxtmi.com/caselaws?id=58389 Penalty under section 271(1)(c) may be imposed even where both the returned income and the assessed income are losses, because the post-1 April 1976 regime, through Explanation 4, links penalty to tax sought to be evaded and does not bar levy merely due to a final loss figure. An assessee must also substantiate any explanation for increased deposits or cash credits; where no satisfactory material is produced to prove the source and the explanation is not shown to be bona fide with full disclosure, the case falls within Explanation 1. On these principles, concealment was sustained and penalty confirmed. en-us Wed, 22 Sep 1993 00:00:00 +0530 Sat, 18 Dec 2010 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58389 Penalty under section 271(1)(c) may be imposed even where both the returned income and the assessed income are losses, because the post-1 April 1976 regime, through Explanation 4, links penalty to tax sought to be evaded and does not bar levy merely due to a final loss figure. An assessee must also substantiate any explanation for increased deposits or cash credits; where no satisfactory material is produced to prove the source and the explanation is not shown to be bona fide with full disclosure, the case falls within Explanation 1. On these principles, concealment was sustained and penalty confirmed. Case-Laws Income Tax Wed, 22 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58389