https://www.taxtmi.com/caselaws?id=69162 The Tribunal set aside the penalty imposed for income of Rs. 1,32,000 as the matter of royalty payment was under dispute and later disclosed by the assessee. However, the penalty for income of Rs. 1,02,000 was confirmed due to the assessee's failure to provide evidence to substantiate the credits received. The Tribunal emphasized that the burden of proof lies on the assessee to provide a bona fide explanation, leading to the confirmation of the penalty for the concealed income of Rs. 1,02,000. The appeal was partly allowed, with the penalty for Rs. 1,32,000 being set aside and the penalty for Rs. 1,02,000 being confirmed. en-us Wed, 15 Sep 1999 00:00:00 +0530 Tue, 05 Apr 2011 14:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69162 The Tribunal set aside the penalty imposed for income of Rs. 1,32,000 as the matter of royalty payment was under dispute and later disclosed by the assessee. However, the penalty for income of Rs. 1,02,000 was confirmed due to the assessee's failure to provide evidence to substantiate the credits received. The Tribunal emphasized that the burden of proof lies on the assessee to provide a bona fide explanation, leading to the confirmation of the penalty for the concealed income of Rs. 1,02,000. The appeal was partly allowed, with the penalty for Rs. 1,32,000 being set aside and the penalty for Rs. 1,02,000 being confirmed. Case-Laws Income Tax Wed, 15 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69162