Law: Income Tax Act, 1922

Section: 28(1)(c)

Section 271(1)(c) of the Income-tax Act, 1961 [Corresponding to section 28(1)(c) of the Indian Income-tax Act, 1922] - Penalty - For concealment of income - Assessment years 1942-43, 1945-46 and 1946-47 - Whether any concealment of particulars of total world income is as much a concealment of his income for purpose of section 28(1)(c) of 1922 Act as a concealment of any particular of his total income - Held, yes Section 271(1)(c) of the Income-tax Act, 1961 [Corresponding to section 28(1)(c) of the Indian Income-tax Act, 1922] - Penalty - For concealment of income - Assessment year 1942-43 - Assessee, a non-resident, was carrying on abkari contracts in Hyderabad State - He held certain Government promissory notes which had been furnished as security to abkari department for due and proper compliance with terms of contract - Assessee was subjected to penalty under section 28(1)(c) of 1922 Act for not disclosing interest received on such security in relevant assessment years - Assessee's case was that interest on said securities was paid in year 1939 and same was included in 1939-40 assessment and in subsequent assessment years no interest was paid to him and that interest in question came to his knowledge only in year 1947 and same was included in assessment year 1947-48 before notice under section 28 of 1922 Act was issued to him therefore, there was no concealment of income on his part - Whether unless and until abkari department paid over interest to assessee, whatever claims assessee might have got in respect of interest, it could not be said that he received that amount of interest - Held, yes - Whether therefore, assessee was not guilty of concealment of income and, hence, impugned penalty on this point was improper - Held, yes Section 271(1)(c) of Income-tax Act, 1961 [Corresponding to section 28(1)(c) of Indian Income-tax Act, 1922] - Penalty - For Concealment of income - Assessment year 1942-43 - Assessee was also subjected to penalty under section 28(1)(c) for not disclosing share of profits from a firm in which assessee was a partner - It was found that during year in question assessee could not receive his profits from firm as heirs of a deceased…

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