https://www.taxtmi.com/caselaws?id=24217 The court held that the deemed income of Rs. 20,000 could be considered for the levy of penalty under section 271(1)(c) of the Income-tax Act. The court emphasized the burden of proof shifting to the assessee due to the Explanation added by the Finance Act, 1964. The Tribunal was directed to reconsider the appeal, allowing the assessee to rebut the presumption with evidence. The court ruled in favor of the Department, highlighting the importance of legal interpretations in determining penalties for income concealment. en-us Sat, 26 Sep 1987 00:00:00 +0530 Mon, 18 Jan 2010 15:54:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24217 The court held that the deemed income of Rs. 20,000 could be considered for the levy of penalty under section 271(1)(c) of the Income-tax Act. The court emphasized the burden of proof shifting to the assessee due to the Explanation added by the Finance Act, 1964. The Tribunal was directed to reconsider the appeal, allowing the assessee to rebut the presumption with evidence. The court ruled in favor of the Department, highlighting the importance of legal interpretations in determining penalties for income concealment. Case-Laws Income Tax Sat, 26 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24217