https://www.taxtmi.com/caselaws?id=68059 Penalty under section 271(1)(c) was found unsustainable where the surrounding facts supported the assessee's explanation for cash capital introduced in the books. The material did not establish fraud, gross neglect or wilful neglect, and the assessee's prior earnings and living arrangement with his brother made saving from income plausible. Although the Explanation to section 271(1)(c) can shift the burden in an appropriate case, those circumstances were held sufficient to rebut any inference of deliberate concealment. The cancellation of other penalties for the same assessment year was also treated as supporting the assessee's bona fides, and the penalty was cancelled. en-us Wed, 03 Feb 1993 00:00:00 +0530 Wed, 16 Mar 2011 17:00:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68059 Penalty under section 271(1)(c) was found unsustainable where the surrounding facts supported the assessee's explanation for cash capital introduced in the books. The material did not establish fraud, gross neglect or wilful neglect, and the assessee's prior earnings and living arrangement with his brother made saving from income plausible. Although the Explanation to section 271(1)(c) can shift the burden in an appropriate case, those circumstances were held sufficient to rebut any inference of deliberate concealment. The cancellation of other penalties for the same assessment year was also treated as supporting the assessee's bona fides, and the penalty was cancelled. Case-Laws Income Tax Wed, 03 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68059