https://www.taxtmi.com/caselaws?id=26165 The High Court reinstated a penalty of Rs. 94,560 imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65, holding that the Tribunal erred in canceling the penalty. The Court emphasized the legal presumption of concealment in cases of significant income differences and the assessee's obligation to prove innocence, shifting the burden to disprove fraudulent behavior. The judgment underscores the necessity of providing adequate explanations to avoid penalties under the Income-tax Act. en-us Tue, 06 Aug 1985 00:00:00 +0530 Wed, 03 Feb 2010 12:35:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26165 The High Court reinstated a penalty of Rs. 94,560 imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65, holding that the Tribunal erred in canceling the penalty. The Court emphasized the legal presumption of concealment in cases of significant income differences and the assessee's obligation to prove innocence, shifting the burden to disprove fraudulent behavior. The judgment underscores the necessity of providing adequate explanations to avoid penalties under the Income-tax Act. Case-Laws Income Tax Tue, 06 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26165