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of <h1>Supreme Court Affirms High Court's Penalties Decision under Income-tax Act</h1> The Supreme Court upheld the Gauhati High Court's decision on penalties under section 271(1)(c) of the Income-tax Act for the assessment years 1963-64, ... Explanation To section 271(1)(c) - assessee filed revised returns disclosing larger incomes - assessee not discharged onus of proof - penalty was justified - High Court's decision that difference between tax on income returned in original returns and tax on assessed incomes, should be the amount of tax evaded, is totally justified The Supreme Court dismissed the appeals against the judgment of the Gauhati High Court regarding penalties under section 271(1)(c) of the Income-tax Act for the assessment years 1963-64, 1964-65, and 1965-66. The High Court's decision was upheld, and the appeals were dismissed with no order as to costs.
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