https://www.taxtmi.com/caselaws?id=26400 Penalty for concealment under section 271(1)(c) was supported by reassessment findings that the assessee maintained duplicate accounts and concealed substantial income. Although assessment findings are not conclusive in penalty proceedings, they constitute strong evidence when corroborated by surrounding circumstances showing conscious concealment or deliberate furnishing of inaccurate particulars. The Tribunal could not treat estimated income computation alone as negating penalty after accepting categorical findings in the quantum proceedings. For the year governed by the statutory Explanation, the assessee failed to rebut the resulting presumption. Penalty was therefore sustainable for all relevant assessment years. en-us Tue, 15 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 17:27:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26400 Penalty for concealment under section 271(1)(c) was supported by reassessment findings that the assessee maintained duplicate accounts and concealed substantial income. Although assessment findings are not conclusive in penalty proceedings, they constitute strong evidence when corroborated by surrounding circumstances showing conscious concealment or deliberate furnishing of inaccurate particulars. The Tribunal could not treat estimated income computation alone as negating penalty after accepting categorical findings in the quantum proceedings. For the year governed by the statutory Explanation, the assessee failed to rebut the resulting presumption. Penalty was therefore sustainable for all relevant assessment years. Case-Laws Income Tax Tue, 15 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26400