https://www.taxtmi.com/caselaws?id=17503 The High Court ruled in favor of the Revenue, upholding the penalties imposed under section 271(1)(c) of the Income-tax Act for the assessment years 1966-67 and 1967-68. The Court found that the Tribunal erred in not considering the impact of the Explanation to section 271(1)(c) and the burden of proof on the assessee. The Court emphasized the need for the assessee to prove that the failure to report correct income was not due to fraud or neglect. Consequently, the penalties were deemed justified, reversing the Tribunal's decision to delete them. en-us Wed, 24 Apr 1996 00:00:00 +0530 Tue, 22 Sep 2009 17:30:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17503 The High Court ruled in favor of the Revenue, upholding the penalties imposed under section 271(1)(c) of the Income-tax Act for the assessment years 1966-67 and 1967-68. The Court found that the Tribunal erred in not considering the impact of the Explanation to section 271(1)(c) and the burden of proof on the assessee. The Court emphasized the need for the assessee to prove that the failure to report correct income was not due to fraud or neglect. Consequently, the penalties were deemed justified, reversing the Tribunal's decision to delete them. Case-Laws Income Tax Wed, 24 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17503