https://www.taxtmi.com/caselaws?id=12388 The High Court upheld the imposition of the penalty under section 271(1)(c) of the Income-tax Act, 1961 against the assessee. The court found that the Revenue had successfully proven concealment of income, shifting the burden of proof to the assessee due to discrepancies in the closing stock and unexplained money, bullion, jewellery, or valuable articles. The court emphasized the impact of amendments to the Act, placing the onus on the assessee to demonstrate innocence in cases where the returned income is less than 80% of the total assessed income. en-us Fri, 16 Aug 2002 00:00:00 +0530 Tue, 23 Feb 2010 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12388 The High Court upheld the imposition of the penalty under section 271(1)(c) of the Income-tax Act, 1961 against the assessee. The court found that the Revenue had successfully proven concealment of income, shifting the burden of proof to the assessee due to discrepancies in the closing stock and unexplained money, bullion, jewellery, or valuable articles. The court emphasized the impact of amendments to the Act, placing the onus on the assessee to demonstrate innocence in cases where the returned income is less than 80% of the total assessed income. Case-Laws Income Tax Fri, 16 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12388