https://www.taxtmi.com/caselaws?id=10550 The court found the Explanation to section 271(1)(c) of the Income-tax Act, 1961 applicable in the case, shifting the burden of proof to the assessee to demonstrate no fraud or neglect in reporting income. As the assessed income exceeded the returned income significantly, and the applicant failed to provide an explanation, the penalty imposed by the Income-tax Officer was upheld. The court ruled in favor of the Revenue, supporting the Tribunal's decision to impose the penalty and awarded no costs. en-us Fri, 29 Oct 2004 00:00:00 +0530 Fri, 17 Jul 2009 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10550 The court found the Explanation to section 271(1)(c) of the Income-tax Act, 1961 applicable in the case, shifting the burden of proof to the assessee to demonstrate no fraud or neglect in reporting income. As the assessed income exceeded the returned income significantly, and the applicant failed to provide an explanation, the penalty imposed by the Income-tax Officer was upheld. The court ruled in favor of the Revenue, supporting the Tribunal's decision to impose the penalty and awarded no costs. Case-Laws Income Tax Fri, 29 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10550