https://www.taxtmi.com/caselaws?id=24361 The High Court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, ruling against the individual assessee whose returned income was lower than the assessed income due to unexplained investments. The Court criticized the Tribunal for misinterpreting the Explanation to section 271(1)(c) and failing to consider whether the assessee rebutted the legal presumptions of fraud or neglect triggered by the Explanation. The Court emphasized the assessee's failure to provide evidence to counter the presumptions, leading to the decision in favor of the Revenue, reinstating the penalty and awarding costs to them. en-us Fri, 20 Jan 1989 00:00:00 +0530 Tue, 19 Jan 2010 15:03:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24361 The High Court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, ruling against the individual assessee whose returned income was lower than the assessed income due to unexplained investments. The Court criticized the Tribunal for misinterpreting the Explanation to section 271(1)(c) and failing to consider whether the assessee rebutted the legal presumptions of fraud or neglect triggered by the Explanation. The Court emphasized the assessee's failure to provide evidence to counter the presumptions, leading to the decision in favor of the Revenue, reinstating the penalty and awarding costs to them. Case-Laws Income Tax Fri, 20 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24361