1968 (5) TMI 7

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.... in the circumstances hereinafter related. The statement of case relates to the assessment year 1951-52. The assessee is an individual having business in share dealings. He bag also some income from property, dividends and other sources. The Income-tax Officer found that the assessee had purchased 3,000 shares of Rani Cherra Tea Co. Ltd. for Rs. 33,000 and 2,500 shares of Indian Iron and Ste....

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.... sources. With the other parts of the assessment order we are not concerned in this reference. The assessee appealed before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner sustained the addition of Rs. 53,000 to the income of the assessee from undisclosed sources. Thereupon, by a notice dated March 29, 1955, the Income-tax Officer called upon the assessee to show c....

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....under section 28(1)(c) of the Act. Against the penalty order the assessee appealed before the Appellate Assistant Commissioner. It was contended before the Appellate Assistant Commissioner that the penalty under section 28(1)(c) was exigible only for concealment of income and not for giving a false explanation. It was further contended that the mere fact that the explanation given by the assess....

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....or other was that of investment or past savings whether by himself directly or through his wife. Even assuming that the cash book produced by the assessee's wife was a got up one, it would not follow that the assessee had concealed his income. Barring suspicion that the assessee had concealed his income, we do not find any material on the basis of which we could support a positive finding to that ....