https://www.taxtmi.com/caselaws?id=126810 The High Court ruled in favor of the appellant, a partnership firm facing penalties under section 271 of the Income-tax Act, 1961, for alleged income concealment. The Court emphasized penalties cannot be imposed based on assumptions, highlighting the lack of concrete evidence against the appellant. It noted the normal trade practices of dealing with rustic suppliers should not be doubted by tax authorities. The Court stressed the burden of proof on the Department to establish concealed income and set aside the Tribunal's order, restoring the Commissioner of Income-tax (Appeals) decision. en-us Tue, 09 Feb 2010 00:00:00 +0530 Sat, 19 Jan 2013 13:13:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126810 The High Court ruled in favor of the appellant, a partnership firm facing penalties under section 271 of the Income-tax Act, 1961, for alleged income concealment. The Court emphasized penalties cannot be imposed based on assumptions, highlighting the lack of concrete evidence against the appellant. It noted the normal trade practices of dealing with rustic suppliers should not be doubted by tax authorities. The Court stressed the burden of proof on the Department to establish concealed income and set aside the Tribunal's order, restoring the Commissioner of Income-tax (Appeals) decision. Case-Laws Income Tax Tue, 09 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126810