https://www.taxtmi.com/caselaws?id=27482 The High Court of Patna upheld the penalty imposed under section 271(1)(c) of the Income Tax Act on a limited company for the assessment year 1966-67. The court ruled in favor of the Department, emphasizing the shift in the burden of proof on the assessee to demonstrate the absence of fraud or neglect when there is a substantial variance between the returned and assessed income. The court referenced relevant precedents and highlighted the significance of the Explanation to section 271(1)(c) in determining the liability for penalties in such cases. en-us Fri, 25 Jul 1980 00:00:00 +0530 Sat, 13 Feb 2010 11:18:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27482 The High Court of Patna upheld the penalty imposed under section 271(1)(c) of the Income Tax Act on a limited company for the assessment year 1966-67. The court ruled in favor of the Department, emphasizing the shift in the burden of proof on the assessee to demonstrate the absence of fraud or neglect when there is a substantial variance between the returned and assessed income. The court referenced relevant precedents and highlighted the significance of the Explanation to section 271(1)(c) in determining the liability for penalties in such cases. Case-Laws Income Tax Fri, 25 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27482