https://www.taxtmi.com/caselaws?id=71284 Penalty for concealment of income under section 271(1)(c) was sustained where unrecorded demand draft transactions were omitted from the original return and came to light only after departmental investigation and survey. The assessee's explanation that the sums were received from weavers for business purposes failed because it was unsupported by corroborative evidence and was not found bona fide. The later offer of additional income did not neutralise the earlier non-disclosure, and the subsequent return could not be treated as a valid revised return. The burden under the Explanation to section 271(1)(c) was not discharged, so the concealment penalty remained justified. en-us Sun, 31 Jul 2005 00:00:00 +0530 Wed, 18 Jul 2012 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71284 Penalty for concealment of income under section 271(1)(c) was sustained where unrecorded demand draft transactions were omitted from the original return and came to light only after departmental investigation and survey. The assessee's explanation that the sums were received from weavers for business purposes failed because it was unsupported by corroborative evidence and was not found bona fide. The later offer of additional income did not neutralise the earlier non-disclosure, and the subsequent return could not be treated as a valid revised return. The burden under the Explanation to section 271(1)(c) was not discharged, so the concealment penalty remained justified. Case-Laws Income Tax Sun, 31 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71284