https://www.taxtmi.com/caselaws?id=14699 Penalty under section 271(1)(c) was not attracted where the assessees disclosed the higher interest collections in their returns and the dispute concerned only the legal taxability of the excess under the Kerala Money Lenders Act. The material did not show concealment of income or furnishing of inaccurate particulars, and the Tribunal found the excess interest was not hidden from the revenue. In penalty proceedings, the assessee must rebut the statutory presumption on the totality of facts; on these facts, cancellation of penalty was justified and the deletion was sustained. en-us Wed, 26 Jul 2000 00:00:00 +0530 Sat, 18 Jul 2009 11:18:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14699 Penalty under section 271(1)(c) was not attracted where the assessees disclosed the higher interest collections in their returns and the dispute concerned only the legal taxability of the excess under the Kerala Money Lenders Act. The material did not show concealment of income or furnishing of inaccurate particulars, and the Tribunal found the excess interest was not hidden from the revenue. In penalty proceedings, the assessee must rebut the statutory presumption on the totality of facts; on these facts, cancellation of penalty was justified and the deletion was sustained. Case-Laws Income Tax Wed, 26 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14699