https://www.taxtmi.com/caselaws?id=24111 The Explanation to section 271(1)(c) applies where returned income is below 80 per cent of assessed income, creating presumptions that the assessed income is correct and that the shortfall results from fraud or gross or wilful neglect. That statutory presumption shifts the burden to the assessee and supports levy of penalty unless rebutted. The settled position had already been affirmed by the Full Bench and approved by the Supreme Court. On that basis, deletion of the penalty was not justified and the question was answered in favour of the Revenue. en-us Mon, 27 Feb 1989 00:00:00 +0530 Sat, 16 Jan 2010 16:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24111 The Explanation to section 271(1)(c) applies where returned income is below 80 per cent of assessed income, creating presumptions that the assessed income is correct and that the shortfall results from fraud or gross or wilful neglect. That statutory presumption shifts the burden to the assessee and supports levy of penalty unless rebutted. The settled position had already been affirmed by the Full Bench and approved by the Supreme Court. On that basis, deletion of the penalty was not justified and the question was answered in favour of the Revenue. Case-Laws Income Tax Mon, 27 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24111