https://www.taxtmi.com/caselaws?id=25252 The High Court held that the Tribunal erred in canceling the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court ruled in favor of the Revenue, stating that the assessee failed to discharge the initial onus under the statutory Explanation, and the penalty was not solely based on conscious concealment. The Court directed the Tribunal to reassess the penalty amount, with each party bearing their own costs. en-us Thu, 02 Jul 1987 00:00:00 +0530 Wed, 27 Jan 2010 15:25:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25252 The High Court held that the Tribunal erred in canceling the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court ruled in favor of the Revenue, stating that the assessee failed to discharge the initial onus under the statutory Explanation, and the penalty was not solely based on conscious concealment. The Court directed the Tribunal to reassess the penalty amount, with each party bearing their own costs. Case-Laws Income Tax Thu, 02 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25252