https://www.taxtmi.com/caselaws?id=5298 SC held the Tribunal correctly found the assessee's explanation false; absent cogent, reliable rebuttal, a presumption of fraud or wilful neglect leading to concealment of income arises under s.273(1)(c). The High Court misapplied governing principles, and the presumption was not rebutted on the record. Consequently the Tribunal's view that penalty may be imposed is sustained. The appeal is allowed and disposed of accordingly. en-us Tue, 10 Jul 1990 00:00:00 +0530 Mon, 27 Oct 2025 20:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5298 SC held the Tribunal correctly found the assessee's explanation false; absent cogent, reliable rebuttal, a presumption of fraud or wilful neglect leading to concealment of income arises under s.273(1)(c). The High Court misapplied governing principles, and the presumption was not rebutted on the record. Consequently the Tribunal's view that penalty may be imposed is sustained. The appeal is allowed and disposed of accordingly. Case-Laws Income Tax Tue, 10 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5298