https://www.taxtmi.com/caselaws?id=121478 Penalty under section 271(1)(c) applies only where the Revenue establishes concealment of income or furnishing of inaccurate particulars, or where the assessee fails to rebut the deeming presumption in Explanation 1 with a bona fide, substantiated explanation and full disclosure of material facts. The assessment and penalty proceedings are distinct, and mere rejection of the explanation in quantum proceedings does not by itself prove concealment. On the stated facts, the assessee had disclosed the relevant particulars and the explanation was not found false, so the penalty was cancelled. en-us Wed, 15 Apr 2009 00:00:00 +0530 Mon, 30 Jul 2012 18:43:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121478 Penalty under section 271(1)(c) applies only where the Revenue establishes concealment of income or furnishing of inaccurate particulars, or where the assessee fails to rebut the deeming presumption in Explanation 1 with a bona fide, substantiated explanation and full disclosure of material facts. The assessment and penalty proceedings are distinct, and mere rejection of the explanation in quantum proceedings does not by itself prove concealment. On the stated facts, the assessee had disclosed the relevant particulars and the explanation was not found false, so the penalty was cancelled. Case-Laws Income Tax Wed, 15 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121478