https://www.taxtmi.com/caselaws?id=385587 The High Court of Madras dismissed appeals filed by the Revenue against the cancellation of penalties under Section 271(1)(c) of the Income Tax Act for maintaining two sets of accounts without explaining discrepancies and burden of proof on the Assessing Officer. The dismissal was due to the low tax effect falling below the threshold set by a Circular, with the substantial questions of law left open for reconsideration if the tax effect exceeds the limit. The Revenue was granted liberty to restore the appeals if the tax effect increases, highlighting the importance of tax effect in appeal pursuit and judicial efficiency in tax cases. en-us Mon, 19 Aug 2019 00:00:00 +0530 Mon, 09 Sep 2019 08:13:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385587 The High Court of Madras dismissed appeals filed by the Revenue against the cancellation of penalties under Section 271(1)(c) of the Income Tax Act for maintaining two sets of accounts without explaining discrepancies and burden of proof on the Assessing Officer. The dismissal was due to the low tax effect falling below the threshold set by a Circular, with the substantial questions of law left open for reconsideration if the tax effect exceeds the limit. The Revenue was granted liberty to restore the appeals if the tax effect increases, highlighting the importance of tax effect in appeal pursuit and judicial efficiency in tax cases. Case-Laws Income Tax Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385587