https://www.taxtmi.com/caselaws?id=28412 The High Court of Patna overturned a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on an assessee-firm for alleged deliberate concealment of income. The Court emphasized the burden of proof post the insertion of the Explanation to section 271(1)(c), highlighting the statutory presumption of deliberate concealment with a 20% difference between returned and assessed income. The Court criticized the Tribunal for disregarding legal principles and directed a reassessment of evidence, stressing the need to consider all explanations and fresh evidence in penalty proceedings. The case was remanded for further review, emphasizing the importance of thorough evidence assessment in tax matters. en-us Wed, 24 Aug 1983 00:00:00 +0530 Mon, 22 Feb 2010 12:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28412 The High Court of Patna overturned a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on an assessee-firm for alleged deliberate concealment of income. The Court emphasized the burden of proof post the insertion of the Explanation to section 271(1)(c), highlighting the statutory presumption of deliberate concealment with a 20% difference between returned and assessed income. The Court criticized the Tribunal for disregarding legal principles and directed a reassessment of evidence, stressing the need to consider all explanations and fresh evidence in penalty proceedings. The case was remanded for further review, emphasizing the importance of thorough evidence assessment in tax matters. Case-Laws Income Tax Wed, 24 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28412