https://www.taxtmi.com/caselaws?id=10767 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961 against the applicant. It found that the applicant had consciously concealed income, failed to rebut the presumption under the Explanation to the section, and did not prove the absence of gross or wilful neglect. The court ruled in favor of the Revenue, affirming the Tribunal's decision to reinstate the penalty. No costs were awarded in the judgment. en-us Wed, 01 Dec 2004 00:00:00 +0530 Fri, 24 Jul 2009 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10767 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961 against the applicant. It found that the applicant had consciously concealed income, failed to rebut the presumption under the Explanation to the section, and did not prove the absence of gross or wilful neglect. The court ruled in favor of the Revenue, affirming the Tribunal's decision to reinstate the penalty. No costs were awarded in the judgment. Case-Laws Income Tax Wed, 01 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10767