https://www.taxtmi.com/caselaws?id=24049 For penalty proceedings arising from a reassessment completed on or after 1 April 1962, the Income-tax Act, 1961 applies, because section 297 and the inclusive definition of assessment make the reassessment date decisive. The Explanation to section 271(1)(c) is attracted where returned income falls below 80% of assessed income, shifting to the assessee the burden to rebut the presumption of concealment by showing absence of fraud or gross or wilful neglect. On the stated facts, no effective rebuttal was produced, and the contrary finding of no concealment was held unsustainable on the record. en-us Tue, 24 Jan 1989 00:00:00 +0530 Sat, 16 Jan 2010 12:37:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24049 For penalty proceedings arising from a reassessment completed on or after 1 April 1962, the Income-tax Act, 1961 applies, because section 297 and the inclusive definition of assessment make the reassessment date decisive. The Explanation to section 271(1)(c) is attracted where returned income falls below 80% of assessed income, shifting to the assessee the burden to rebut the presumption of concealment by showing absence of fraud or gross or wilful neglect. On the stated facts, no effective rebuttal was produced, and the contrary finding of no concealment was held unsustainable on the record. Case-Laws Income Tax Tue, 24 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24049