https://www.taxtmi.com/caselaws?id=14475 Penalty under section 271(1)(c) of the Income-tax Act, 1961 was considered in light of Explanation 1, which creates a presumption of concealment and places the burden on the assessee to prove that the explanation offered for the addition is bona fide and correct. The Tribunal erred in deleting the penalty without properly applying this burden-shifting rule. The Assessing Officer's penalty order was therefore restored, and the deletion of penalty was held not justified. en-us Tue, 05 Sep 2000 00:00:00 +0530 Thu, 16 Jul 2009 11:28:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14475 Penalty under section 271(1)(c) of the Income-tax Act, 1961 was considered in light of Explanation 1, which creates a presumption of concealment and places the burden on the assessee to prove that the explanation offered for the addition is bona fide and correct. The Tribunal erred in deleting the penalty without properly applying this burden-shifting rule. The Assessing Officer's penalty order was therefore restored, and the deletion of penalty was held not justified. Case-Laws Income Tax Tue, 05 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14475