https://www.taxtmi.com/caselaws?id=25282 For concealment penalty, the governing law is the law in force when the assessing authority reaches satisfaction and initiates penalty proceedings, not the law on the date of the original return. The majority also held that once the statutory Explanation applies because returned income falls below the assessed income by the required margin, the burden shifts to the assessee to show absence of fraud or gross or wilful neglect. On the record, the assessee produced no material to rebut that presumption, and the unexplained cash credits and failure to prove their genuineness were sufficient to establish concealment. The penalty was therefore upheld and the Tribunal's cancellation set aside. en-us Wed, 23 Apr 1986 00:00:00 +0530 Wed, 27 Jan 2010 16:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25282 For concealment penalty, the governing law is the law in force when the assessing authority reaches satisfaction and initiates penalty proceedings, not the law on the date of the original return. The majority also held that once the statutory Explanation applies because returned income falls below the assessed income by the required margin, the burden shifts to the assessee to show absence of fraud or gross or wilful neglect. On the record, the assessee produced no material to rebut that presumption, and the unexplained cash credits and failure to prove their genuineness were sufficient to establish concealment. The penalty was therefore upheld and the Tribunal's cancellation set aside. Case-Laws Income Tax Wed, 23 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25282