https://www.taxtmi.com/caselaws?id=16972 The High Court ruled in favor of the assessee in a case involving income-tax penalty under section 271(1)(c) of the Income-tax Act, 1961. The court found no evidence of deliberate fraud or concealment by the assessee, noting that the assessment was based on flat rates and the authorities were provided with available books of account. Consequently, the penalty was set aside, emphasizing the importance of maintaining accurate accounting records and the burden of proof on taxing authorities to establish deliberate fraud or concealment for penalty imposition under section 271(1)(c). en-us Wed, 08 May 1996 00:00:00 +0530 Mon, 14 Sep 2009 13:15:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16972 The High Court ruled in favor of the assessee in a case involving income-tax penalty under section 271(1)(c) of the Income-tax Act, 1961. The court found no evidence of deliberate fraud or concealment by the assessee, noting that the assessment was based on flat rates and the authorities were provided with available books of account. Consequently, the penalty was set aside, emphasizing the importance of maintaining accurate accounting records and the burden of proof on taxing authorities to establish deliberate fraud or concealment for penalty imposition under section 271(1)(c). Case-Laws Income Tax Wed, 08 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16972