https://www.taxtmi.com/caselaws?id=25865 The High Court affirmed the Tribunal's decision to reduce the assessed income of the assessee and cancel the penalty of Rs. 80,000 imposed by the Inspecting Assistant Commissioner. The court ruled in favor of the assessee, upholding the cancellation of the penalty based on the acceptance of the explanation provided, supported by evidence of account books, which discharged the burden placed on the assessee by the Explanation to explain concealed income. The court emphasized that once the explanation was accepted, the penalty could not be imposed, resulting in a favorable outcome for the assessee in the penalty proceedings. en-us Fri, 22 Aug 1986 00:00:00 +0530 Mon, 01 Feb 2010 13:34:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25865 The High Court affirmed the Tribunal's decision to reduce the assessed income of the assessee and cancel the penalty of Rs. 80,000 imposed by the Inspecting Assistant Commissioner. The court ruled in favor of the assessee, upholding the cancellation of the penalty based on the acceptance of the explanation provided, supported by evidence of account books, which discharged the burden placed on the assessee by the Explanation to explain concealed income. The court emphasized that once the explanation was accepted, the penalty could not be imposed, resulting in a favorable outcome for the assessee in the penalty proceedings. Case-Laws Income Tax Fri, 22 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25865