https://www.taxtmi.com/caselaws?id=203677 HC held that the lower fora's finding of "afterthought" regarding the assessee's explanation (that reliance on a new accountant caused omission) was perverse and unsupported by material. The accountant's affidavit admitting lapses amounted to some explanation, and an explanation is required at initiation of penalty proceedings under s.271(1)(c), not at the assessment stage when concealed income is discovered. The matter was remanded to the assessing/penalty authorities for fresh consideration of penalty in light of these principles. en-us Fri, 18 Feb 2011 00:00:00 +0530 Mon, 25 Aug 2025 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203677 HC held that the lower fora's finding of "afterthought" regarding the assessee's explanation (that reliance on a new accountant caused omission) was perverse and unsupported by material. The accountant's affidavit admitting lapses amounted to some explanation, and an explanation is required at initiation of penalty proceedings under s.271(1)(c), not at the assessment stage when concealed income is discovered. The matter was remanded to the assessing/penalty authorities for fresh consideration of penalty in light of these principles. Case-Laws Income Tax Fri, 18 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203677