https://www.taxtmi.com/caselaws?id=22751 The High Court of Patna ruled in favor of the Revenue, upholding the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961. The court emphasized that the assessee failed to rebut the presumption of fraud or wilful neglect as per the Explanation to the section, given the significant discrepancy between the returned and assessed income. The Tribunal's decision to cancel the penalty was deemed incorrect, and the parties were directed to bear their own costs. The judgment was to be forwarded to the Income-tax Appellate Tribunal for further proceedings. en-us Mon, 17 Sep 1990 00:00:00 +0530 Sat, 12 Dec 2009 16:53:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22751 The High Court of Patna ruled in favor of the Revenue, upholding the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961. The court emphasized that the assessee failed to rebut the presumption of fraud or wilful neglect as per the Explanation to the section, given the significant discrepancy between the returned and assessed income. The Tribunal's decision to cancel the penalty was deemed incorrect, and the parties were directed to bear their own costs. The judgment was to be forwarded to the Income-tax Appellate Tribunal for further proceedings. Case-Laws Income Tax Mon, 17 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22751