https://www.taxtmi.com/caselaws?id=22593 Penalty under section 271(1)(c) of the Income-tax Act could not be sustained merely because assessed income exceeded returned income, where the Tribunal found that the additions and disallowances did not establish concealment. The Tribunal's separate reasons, including its treatment of the item brought to tax under section 41(2), were held to be sound, and the observations on burden of proof were not treated as the core basis. The Explanation then applicable did not assist the Revenue because the grounds relied on for penalty were considered and rejected. The penalty was therefore rightly cancelled in favour of the assessee. en-us Wed, 30 Jan 1991 00:00:00 +0530 Fri, 11 Dec 2009 13:20:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22593 Penalty under section 271(1)(c) of the Income-tax Act could not be sustained merely because assessed income exceeded returned income, where the Tribunal found that the additions and disallowances did not establish concealment. The Tribunal's separate reasons, including its treatment of the item brought to tax under section 41(2), were held to be sound, and the observations on burden of proof were not treated as the core basis. The Explanation then applicable did not assist the Revenue because the grounds relied on for penalty were considered and rejected. The penalty was therefore rightly cancelled in favour of the assessee. Case-Laws Income Tax Wed, 30 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22593