https://www.taxtmi.com/caselaws?id=18823 The High Court upheld the levy of penalty of Rs. 21,500 under section 271(1)(c) of the Income-tax Act, stating that the Tribunal erred in cancelling the penalty. The Court emphasized that the burden of proof was not discharged by the assessee merely by denying the fact and that positive evidence was required to prove the absence of fraud or negligence. The Court found that the Tribunal's conclusion regarding the entries in the books of account was an error in law. Ultimately, the Court ruled in favor of the Revenue, denying the assessee's appeal. en-us Tue, 14 Mar 1995 00:00:00 +0530 Mon, 02 Nov 2009 12:17:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18823 The High Court upheld the levy of penalty of Rs. 21,500 under section 271(1)(c) of the Income-tax Act, stating that the Tribunal erred in cancelling the penalty. The Court emphasized that the burden of proof was not discharged by the assessee merely by denying the fact and that positive evidence was required to prove the absence of fraud or negligence. The Court found that the Tribunal's conclusion regarding the entries in the books of account was an error in law. Ultimately, the Court ruled in favor of the Revenue, denying the assessee's appeal. Case-Laws Income Tax Tue, 14 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18823