https://www.taxtmi.com/caselaws?id=6030 SC upheld imposition of penalty under section 271(1)(c) against the assessee. The Court held the Explanation is integral to section 271 and operates once a notice under that section is issued; no separate expression invoking the Explanation in the notice is required. Where returned income is less than 80% of assessed income (subject to the Explanation), the assessee is deemed to have concealed income or furnished inaccurate particulars unless he proves the shortfall did not arise from fraud or neglect. Appeal dismissed. en-us Tue, 21 Aug 2001 00:00:00 +0530 Thu, 30 Jul 2026 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6030 SC upheld imposition of penalty under section 271(1)(c) against the assessee. The Court held the Explanation is integral to section 271 and operates once a notice under that section is issued; no separate expression invoking the Explanation in the notice is required. Where returned income is less than 80% of assessed income (subject to the Explanation), the assessee is deemed to have concealed income or furnished inaccurate particulars unless he proves the shortfall did not arise from fraud or neglect. Appeal dismissed. Case-Laws Income Tax Tue, 21 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6030