https://www.taxtmi.com/caselaws?id=27800 The High Court ruled in favor of the assessee, rejecting the Revenue's contentions and upholding the Tribunal's decision to annul the penalty imposed under section 271(1)(c) of the Income Tax Act. The Court emphasized that the firm successfully rebutted the presumption of concealment or inaccurate particulars, leading to the penalty being deemed not sustainable. The Court directed the Revenue to bear the costs of the reference, highlighting the principles of burden of proof and presumption under the Income Tax Act. en-us Wed, 31 Aug 1983 00:00:00 +0530 Tue, 16 Feb 2010 11:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27800 The High Court ruled in favor of the assessee, rejecting the Revenue's contentions and upholding the Tribunal's decision to annul the penalty imposed under section 271(1)(c) of the Income Tax Act. The Court emphasized that the firm successfully rebutted the presumption of concealment or inaccurate particulars, leading to the penalty being deemed not sustainable. The Court directed the Revenue to bear the costs of the reference, highlighting the principles of burden of proof and presumption under the Income Tax Act. Case-Laws Income Tax Wed, 31 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27800