https://www.taxtmi.com/caselaws?id=21946 Penalty for concealment under section 271(1)(c) is governed by the law in force when penalty proceedings are dealt with, so the Explanation inserted by the Finance Act, 1964 applied where reassessment was completed after 1 April 1962. That Explanation shifts the initial burden to the assessee to show that the inaccurate return did not arise from fraud or gross or wilful neglect. The burden is rebuttable and may be discharged on a preponderance of evidence through credible explanations and surrounding circumstances. On the materials described, the assessee's explanation was treated as sufficient to rebut the presumption of concealment, and the penalty was considered not exigible. en-us Wed, 12 Jun 1991 00:00:00 +0530 Fri, 04 Dec 2009 13:51:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21946 Penalty for concealment under section 271(1)(c) is governed by the law in force when penalty proceedings are dealt with, so the Explanation inserted by the Finance Act, 1964 applied where reassessment was completed after 1 April 1962. That Explanation shifts the initial burden to the assessee to show that the inaccurate return did not arise from fraud or gross or wilful neglect. The burden is rebuttable and may be discharged on a preponderance of evidence through credible explanations and surrounding circumstances. On the materials described, the assessee's explanation was treated as sufficient to rebut the presumption of concealment, and the penalty was considered not exigible. Case-Laws Income Tax Wed, 12 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21946