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Anantharam Veerasingaiah & Co vs Commissioner Of Income Tax, A.P on 15 April, 1980 cites

Commissioner Of Income Tax West Bengal vs Anwar Ali on 29 April, 1970

No doubt, the fact that the assessment order contains a finding that the disputed amount represents income constitutes good evidence in the penalty proceeding but the finding in the assessment proceeding cannot be regarded as conclusive for the purposes of the penalty proceeding, That is how the law has been understood by this Court in Anwar Ali (supra), and we believed that to be the law still. It was also laid down that before a penalty can be imposed the entirety of the circumstances must be taken into account and must point to the conclusion that the disputed amount represents income and that the assessee has consciously concealed particulars of his income or deliberately furnished inaccurate particulars. The mere falsity of the explanation given by the assessee, it was observed, was insufficient without there being in addition cogent material of evidence from which the necessary conclusion attracting a penalty could be drawn.
Supreme Court of India Cites 13 - Cited by 577 - A N Grover - Full Document

Lagadapati Subba Ramaiah vs Commissioner Of Income-Tax Madras. on 24 February, 1956

In the present case, the Appellate Tribunal has relied entirely on the basic that an intangible addition of Rs. 2,00,000 had been made to the book profits of the assessee for the assessment year 1957-58 623 and it inferred that an amount of Rs. 90,000 was available for being put to use in the year with which we are concerned. Now it can hardly be denied that when an "intangible" addition is made to the book profits during an assessment proceeding, it is on the basis that the amount represented by that addition constitutes the undisclosed income of the assessee That income, although commonly described as "intangible", is as much a part of his real income as that disclosed by his account books. It has the same concrete existence. It could by available to the assessee as the book profits could be. In Lagadapati Subha Ramiah v. Commissioner of Income-tax, Madras the Andhra Pradesh High Court adverted to this aspect of secret profits and their actual availability for application by the assessee.
Andhra HC (Pre-Telangana) Cites 4 - Cited by 16 - Full Document
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