https://www.taxtmi.com/caselaws?id=18390 The court ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) of the Income-tax Act was canceled as the assessee had discharged its burden and there was no evidence of concealed income by the Revenue. The court emphasized the need for further inquiry depending on the circumstances and clarified that sections 68, 69, and 69A do not automatically presume unexplained sums as concealed income for penalty purposes. The judgment highlighted the importance of differentiating between deemed income for tax purposes and actual concealed income for penalty proceedings. en-us Thu, 21 Sep 1995 00:00:00 +0530 Wed, 30 Sep 2009 16:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18390 The court ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) of the Income-tax Act was canceled as the assessee had discharged its burden and there was no evidence of concealed income by the Revenue. The court emphasized the need for further inquiry depending on the circumstances and clarified that sections 68, 69, and 69A do not automatically presume unexplained sums as concealed income for penalty purposes. The judgment highlighted the importance of differentiating between deemed income for tax purposes and actual concealed income for penalty proceedings. Case-Laws Income Tax Thu, 21 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18390