https://www.taxtmi.com/caselaws?id=14756 Penalty for concealment may apply despite an assessee's agreement to an assessment addition where the cash deficiency remains unexplained by a substantiated, bona fide explanation. Explanation 1 to section 271(1)(c) operates as a rule of evidence: once its conditions are met, the assessee must rebut the presumption of concealment through supporting material and full disclosure of material facts. A vague, fanciful, or unsupported explanation does not discharge that burden. Separate notice that Explanation 1(B) will be invoked is not required, since the provision itself creates the rebuttable presumption. Accordingly, cancellation of penalty was unsustainable. en-us Thu, 27 Jan 2000 00:00:00 +0530 Sat, 18 Jul 2009 14:55:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14756 Penalty for concealment may apply despite an assessee's agreement to an assessment addition where the cash deficiency remains unexplained by a substantiated, bona fide explanation. Explanation 1 to section 271(1)(c) operates as a rule of evidence: once its conditions are met, the assessee must rebut the presumption of concealment through supporting material and full disclosure of material facts. A vague, fanciful, or unsupported explanation does not discharge that burden. Separate notice that Explanation 1(B) will be invoked is not required, since the provision itself creates the rebuttable presumption. Accordingly, cancellation of penalty was unsustainable. Case-Laws Income Tax Thu, 27 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14756