https://www.taxtmi.com/caselaws?id=13142 The High Court upheld the Tribunal's decision to impose a penalty on an assessee firm for failing to substantiate claimed commission payments, leading to the presumption under the Explanation to section 271(1) not being rebutted. The Court found the firm had not proven the genuineness of the payments nor demonstrated that the expenditure claim did not arise from fraud or wilful negligence. Consequently, the penalty was restricted to the minimum leviable amount, ruling in favor of the Revenue and against the assessee. en-us Fri, 20 Jul 2001 00:00:00 +0530 Tue, 26 May 2009 16:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13142 The High Court upheld the Tribunal's decision to impose a penalty on an assessee firm for failing to substantiate claimed commission payments, leading to the presumption under the Explanation to section 271(1) not being rebutted. The Court found the firm had not proven the genuineness of the payments nor demonstrated that the expenditure claim did not arise from fraud or wilful negligence. Consequently, the penalty was restricted to the minimum leviable amount, ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Fri, 20 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13142