https://www.taxtmi.com/caselaws?id=158490 Penalty for concealment under section 36(2)(c) requires strict construction and can rest on the rebuttable presumptions in the applicable explanation only when its statutory conditions are established. Explanation (2) applies where returns are not furnished in time without sufficient cause and the assessment proceeds on the prescribed basis; it was inapplicable where belated returns were accepted and formed the basis of assessment, without material showing unjustified delay. Although an appellate authority may invoke the correct explanation after notice and opportunity, concealment was rebutted by correct turnover disclosure in accepted returns and books of account. Penalty could not be sustained. en-us Fri, 03 Feb 1995 00:00:00 +0530 Tue, 29 Oct 2013 16:02:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158490 Penalty for concealment under section 36(2)(c) requires strict construction and can rest on the rebuttable presumptions in the applicable explanation only when its statutory conditions are established. Explanation (2) applies where returns are not furnished in time without sufficient cause and the assessment proceeds on the prescribed basis; it was inapplicable where belated returns were accepted and formed the basis of assessment, without material showing unjustified delay. Although an appellate authority may invoke the correct explanation after notice and opportunity, concealment was rebutted by correct turnover disclosure in accepted returns and books of account. Penalty could not be sustained. Case-Laws VAT and Sales Tax Fri, 03 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158490