https://www.taxtmi.com/article/detailed?id=972 Penalty can be imposed only if the assessee concealed material particulars or furnished inaccurate particulars; Explanation 1 creates a rebuttable presumption in two situations (a false explanation, or an unsubstantiated explanation not shown to be bona fide and fully disclosed). Where an assessee has disclosed purchases and closing stock values, advanced a bona fide, debatable legal claim about loss treatment, and submitted supporting explanations without cogent evidence of falsity, the presumption is rebutted and penalty cannot be levied merely because the claim was disallowed at assessment. en-us Thu, 30 Sep 2010 00:00:00 +0530 Fri, 01 Oct 2010 08:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=972 Penalty can be imposed only if the assessee concealed material particulars or furnished inaccurate particulars; Explanation 1 creates a rebuttable presumption in two situations (a false explanation, or an unsubstantiated explanation not shown to be bona fide and fully disclosed). Where an assessee has disclosed purchases and closing stock values, advanced a bona fide, debatable legal claim about loss treatment, and submitted supporting explanations without cogent evidence of falsity, the presumption is rebutted and penalty cannot be levied merely because the claim was disallowed at assessment. Articles Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=972