https://www.taxtmi.com/caselaws?id=10261 The court upheld the penalty under Section 271(1)(c) of the Income-tax Act, 1961, against the assessee for concealing income and furnishing inaccurate particulars. The penalty of Rs. 3,20,000 was confirmed, while Rs. 1,00,000 was accepted as genuine. The assessee failed to prove the genuineness of trade advances, leading to the dismissal of the appeal. The court emphasized the importance of substantial evidence in verifying financial transactions and held that the burden of proof lies with the assessee. en-us Fri, 19 Sep 2003 00:00:00 +0530 Sat, 11 Jul 2009 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10261 The court upheld the penalty under Section 271(1)(c) of the Income-tax Act, 1961, against the assessee for concealing income and furnishing inaccurate particulars. The penalty of Rs. 3,20,000 was confirmed, while Rs. 1,00,000 was accepted as genuine. The assessee failed to prove the genuineness of trade advances, leading to the dismissal of the appeal. The court emphasized the importance of substantial evidence in verifying financial transactions and held that the burden of proof lies with the assessee. Case-Laws Income Tax Fri, 19 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10261