https://www.taxtmi.com/caselaws?id=22594 The High Court of MADRAS ruled in favor of the Revenue in a case concerning penalty cancellation and concealment of income under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65. The Court held that the Tribunal erred in deleting the penalty, emphasizing the legal presumptions triggered by the Explanation and the burden of proof on the assessee. The Tribunal's failure to consider key facts and misinterpretation of the law led to an unjustified deletion of the penalty. Consequently, the High Court upheld the penalty, deciding against the assessee. en-us Thu, 22 Nov 1990 00:00:00 +0530 Fri, 11 Dec 2009 13:22:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22594 The High Court of MADRAS ruled in favor of the Revenue in a case concerning penalty cancellation and concealment of income under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65. The Court held that the Tribunal erred in deleting the penalty, emphasizing the legal presumptions triggered by the Explanation and the burden of proof on the assessee. The Tribunal's failure to consider key facts and misinterpretation of the law led to an unjustified deletion of the penalty. Consequently, the High Court upheld the penalty, deciding against the assessee. Case-Laws Income Tax Thu, 22 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22594