https://www.taxtmi.com/caselaws?id=27606 The Income-tax Appellate Tribunal cancelled penalties imposed by the IAC for assessment years 1967-68 to 1969-70, citing lack of concrete evidence of concealment in income from import licences. The Tribunal found the assessee did not conceal income, attributing missing documents to time lapse. However, the court disagreed, emphasizing the onus on the assessee to disprove fraud or neglect. Ruling against the assessee, the court upheld penalties under section 271(1)(c) for deliberate understatement of income, contrary to Tribunal's view. No costs were awarded. en-us Mon, 27 Feb 1984 00:00:00 +0530 Mon, 15 Feb 2010 10:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27606 The Income-tax Appellate Tribunal cancelled penalties imposed by the IAC for assessment years 1967-68 to 1969-70, citing lack of concrete evidence of concealment in income from import licences. The Tribunal found the assessee did not conceal income, attributing missing documents to time lapse. However, the court disagreed, emphasizing the onus on the assessee to disprove fraud or neglect. Ruling against the assessee, the court upheld penalties under section 271(1)(c) for deliberate understatement of income, contrary to Tribunal's view. No costs were awarded. Case-Laws Income Tax Mon, 27 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27606