The scope of section 28(1)(c) of the Indian I.T.Act,1922.

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..... al opinion on the scope of section 28(1)(c) of the Indian I.T.Act,1922, and in particular about the levy of penalty in cases where cash credits are treated as the income of the assessee. The Supreme Court has held that -- (i) the ITO cannot impose a penalty for concealment of income merely because the explanation of the assessee in respect of cash credits is false or unsatisfactory. (ii) any f .....

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..... ome to the conclusion that the amount represented the income of the assessee. 2. So far as the penalties u/s.271(1)(c) of the I.T.Act,1961 are concerned, it is true that after 1-4-62 if the explanation of the assessee in respect of the cash credit is found to be false, the impunged amount would be deemed to be income u/s.68 of the I.T.Act,1961, but there is absolutely no difference between secti .....

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..... ds "furnished inaccurate particulars of such income" was deleted from the aforesaid date. The explanation of section 271(1)(c) provides for imposition of penalty in respect of income which is deemed to be concealed apart from the income that may be held to have been concealed on the basis of evidence. After the said date a penalty would also be leviable u/s.271(1)(c) where inaccurate particulars a .....

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