https://www.taxtmi.com/caselaws?id=14123 The amended Explanation to section 271(1)(c) creates a rebuttable presumption of concealment and places the initial burden on the assessee to furnish a substantiated, bona fide explanation supported by relevant material. Rejection of the explanation in assessment proceedings does not by itself decide penalty, but once the explanation remains unproved the deeming consequence under the Explanation follows. The Tribunal erred by requiring the Revenue to produce positive evidence of concealment and by applying an outdated standard instead of the statutory burden under the amended provision. On that basis, cancellation of the penalty was not justified and the referred question was answered in favour of the Revenue. en-us Thu, 30 Nov 2000 00:00:00 +0530 Mon, 13 Jul 2009 17:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14123 The amended Explanation to section 271(1)(c) creates a rebuttable presumption of concealment and places the initial burden on the assessee to furnish a substantiated, bona fide explanation supported by relevant material. Rejection of the explanation in assessment proceedings does not by itself decide penalty, but once the explanation remains unproved the deeming consequence under the Explanation follows. The Tribunal erred by requiring the Revenue to produce positive evidence of concealment and by applying an outdated standard instead of the statutory burden under the amended provision. On that basis, cancellation of the penalty was not justified and the referred question was answered in favour of the Revenue. Case-Laws Income Tax Thu, 30 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14123