https://www.taxtmi.com/caselaws?id=21210 Penalty under section 271(1)(c) was cancelled because the Tribunal, on evidence from the search and witness affidavits, found it could not be said with certainty that the gold biscuits and primary gold were recovered from or acquired by the assessee. That factual finding was not successfully challenged by the Revenue. On that basis, the assessee was held to have discharged the burden under the Explanation to section 271(1)(c) by showing that the failure to disclose complete income did not arise from fraud or wilful neglect. The cancellation of penalty was upheld in favour of the assessee. en-us Mon, 31 Aug 1992 00:00:00 +0530 Fri, 20 Nov 2009 17:25:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21210 Penalty under section 271(1)(c) was cancelled because the Tribunal, on evidence from the search and witness affidavits, found it could not be said with certainty that the gold biscuits and primary gold were recovered from or acquired by the assessee. That factual finding was not successfully challenged by the Revenue. On that basis, the assessee was held to have discharged the burden under the Explanation to section 271(1)(c) by showing that the failure to disclose complete income did not arise from fraud or wilful neglect. The cancellation of penalty was upheld in favour of the assessee. Case-Laws Income Tax Mon, 31 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21210