https://www.taxtmi.com/caselaws?id=5439 SC held that where undisclosed cash deposits were found and the assessee's explanation was rejected but Revenue produced no further material proving concealment or that amounts were revenue receipts, penalty under s.271(1)(c) could not be sustained. The court confirmed that if returned income is less than 80% of assessed income a presumption arises shifting the burden to the assessee to prove absence of fraud or gross/wilful neglect; failure to do so permits penalty, but if the assessee discharges the burden no penalty may be imposed. Appeals were allowed in part. en-us Thu, 16 Sep 1993 00:00:00 +0530 Fri, 17 Oct 2025 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5439 SC held that where undisclosed cash deposits were found and the assessee's explanation was rejected but Revenue produced no further material proving concealment or that amounts were revenue receipts, penalty under s.271(1)(c) could not be sustained. The court confirmed that if returned income is less than 80% of assessed income a presumption arises shifting the burden to the assessee to prove absence of fraud or gross/wilful neglect; failure to do so permits penalty, but if the assessee discharges the burden no penalty may be imposed. Appeals were allowed in part. Case-Laws Income Tax Thu, 16 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5439