https://www.taxtmi.com/caselaws?id=28207 Penalty for concealment under section 271(1)(c) of the Income-tax Act is not automatic where surrounding facts show a real and admissible liability. The text explains that withdrawal of funds to meet an existing sales tax liability, and later recredit of the amount in the next accounting period, did not by itself prove fraud, gross neglect, wilful neglect, or concealment. It further notes that the Explanation to section 271(1)(c) can be rebutted where the assessee shows a genuine liability and the Revenue fails to establish the requisite culpable conduct. The stated result is that deemed concealment was not made out and penalty cancellation was justified. en-us Thu, 25 Nov 1982 00:00:00 +0530 Fri, 19 Feb 2010 16:50:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28207 Penalty for concealment under section 271(1)(c) of the Income-tax Act is not automatic where surrounding facts show a real and admissible liability. The text explains that withdrawal of funds to meet an existing sales tax liability, and later recredit of the amount in the next accounting period, did not by itself prove fraud, gross neglect, wilful neglect, or concealment. It further notes that the Explanation to section 271(1)(c) can be rebutted where the assessee shows a genuine liability and the Revenue fails to establish the requisite culpable conduct. The stated result is that deemed concealment was not made out and penalty cancellation was justified. Case-Laws Income Tax Thu, 25 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28207