https://www.taxtmi.com/caselaws?id=294595 The High Court upheld the Tribunal's decision to cancel a penalty of Rs. 70,000 imposed on the assessee under section 271(1)(c) of the Income Tax Act. The Tribunal found insufficient evidence of concealment by the assessee post-revised return filing following a survey, emphasizing the revenue's failure to meet the burden of proof. The High Court dismissed the revenue's petition, highlighting the need for concrete evidence to support concealment allegations for penalty imposition under the Income Tax Act. en-us Wed, 19 Sep 2001 00:00:00 +0530 Thu, 22 Apr 2021 11:06:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294595 The High Court upheld the Tribunal's decision to cancel a penalty of Rs. 70,000 imposed on the assessee under section 271(1)(c) of the Income Tax Act. The Tribunal found insufficient evidence of concealment by the assessee post-revised return filing following a survey, emphasizing the revenue's failure to meet the burden of proof. The High Court dismissed the revenue's petition, highlighting the need for concrete evidence to support concealment allegations for penalty imposition under the Income Tax Act. Case-Laws Income Tax Wed, 19 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294595