https://www.taxtmi.com/caselaws?id=5836 SC held that for levy of penalty under s.271(1)(c) the availability of a previously concealed fund does not automatically rebut the inference of undisclosed income; the revenue must prove, on the facts, that cash credits or deficits cannot reasonably be attributed to pre-existing funds and thus represent concealed income. The burden of proof remains on the revenue. The HC erred by deciding factual issues; it should have answered the legal question negatively and remitted the matter to the Appellate Tribunal under s.260(1) to redetermine the appeal in accordance with the legal principles laid down. The HC's factual findings were vacated and the appeal disposed. en-us Tue, 15 Apr 1980 00:00:00 +0530 Sat, 01 Nov 2025 20:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5836 SC held that for levy of penalty under s.271(1)(c) the availability of a previously concealed fund does not automatically rebut the inference of undisclosed income; the revenue must prove, on the facts, that cash credits or deficits cannot reasonably be attributed to pre-existing funds and thus represent concealed income. The burden of proof remains on the revenue. The HC erred by deciding factual issues; it should have answered the legal question negatively and remitted the matter to the Appellate Tribunal under s.260(1) to redetermine the appeal in accordance with the legal principles laid down. The HC's factual findings were vacated and the appeal disposed. Case-Laws Income Tax Tue, 15 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5836