https://www.taxtmi.com/caselaws?id=25479 The High Court upheld the Tribunal's decision to cancel the penalty of Rs. 2 lakhs imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the Tribunal's decision was justified as there was no evidence of concealment or fraud by the respondent, only an unsatisfactory explanation regarding the income amounts. The burden of proof was on the assessee to show that the failure to report the correct income was not due to fraud or willful neglect. The Court referenced relevant case law and affirmed the cancellation of the penalty. en-us Tue, 23 Jun 1987 00:00:00 +0530 Thu, 28 Jan 2010 18:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25479 The High Court upheld the Tribunal's decision to cancel the penalty of Rs. 2 lakhs imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the Tribunal's decision was justified as there was no evidence of concealment or fraud by the respondent, only an unsatisfactory explanation regarding the income amounts. The burden of proof was on the assessee to show that the failure to report the correct income was not due to fraud or willful neglect. The Court referenced relevant case law and affirmed the cancellation of the penalty. Case-Laws Income Tax Tue, 23 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25479