https://www.taxtmi.com/caselaws?id=177799 Penalty for concealment of income under Section 271(1)(c) was upheld because the Tribunal found the case fell within the Explanation, as assessed income exceeded returned income by more than 20 per cent. It also held that the assessee failed to discharge the burden of showing absence of fraud or gross or wilful negligence and produced no material creating doubt in its favour. On that basis, the penalty was confirmed and the issue was answered in favour of the Revenue. en-us Tue, 18 Nov 1997 00:00:00 +0530 Tue, 19 Jan 2016 14:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177799 Penalty for concealment of income under Section 271(1)(c) was upheld because the Tribunal found the case fell within the Explanation, as assessed income exceeded returned income by more than 20 per cent. It also held that the assessee failed to discharge the burden of showing absence of fraud or gross or wilful negligence and produced no material creating doubt in its favour. On that basis, the penalty was confirmed and the issue was answered in favour of the Revenue. Case-Laws Income Tax Tue, 18 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177799