https://www.taxtmi.com/caselaws?id=14756 Penalty under section 271(1)(c) applies where the assessee fails to give a bona fide, substantiated explanation for an addition and the explanation is vague or unsupported; mere agreement to the addition does not prevent the deeming fiction in Explanation 1 from treating the amount as concealed income. The article also states that no separate intimation is required before relying on Explanation 1(B), because the statutory presumption arises once its conditions are met and the assessee must rebut it with material facts. On that basis, cancellation of penalty was described as 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 under section 271(1)(c) applies where the assessee fails to give a bona fide, substantiated explanation for an addition and the explanation is vague or unsupported; mere agreement to the addition does not prevent the deeming fiction in Explanation 1 from treating the amount as concealed income. The article also states that no separate intimation is required before relying on Explanation 1(B), because the statutory presumption arises once its conditions are met and the assessee must rebut it with material facts. On that basis, cancellation of penalty was described as unsustainable. Case-Laws Income Tax Thu, 27 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14756