https://www.taxtmi.com/caselaws?id=28563 Where returned income falls below eighty per cent of assessed income, the statutory Explanation to Section 271(1)(c) applies and raises an initial presumption against the assessee; however, that presumption is rebuttable. On the facts described, the books of account were rejected, no specific false entry was identified, and no particular omission of income was proved. The agreed income figure was treated as a peace-arrangement basis rather than an admission of concealment. The presumption was therefore rebutted and the concealment penalty was not sustained. en-us Mon, 22 Mar 1982 00:00:00 +0530 Tue, 23 Feb 2010 16:12:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28563 Where returned income falls below eighty per cent of assessed income, the statutory Explanation to Section 271(1)(c) applies and raises an initial presumption against the assessee; however, that presumption is rebuttable. On the facts described, the books of account were rejected, no specific false entry was identified, and no particular omission of income was proved. The agreed income figure was treated as a peace-arrangement basis rather than an admission of concealment. The presumption was therefore rebutted and the concealment penalty was not sustained. Case-Laws Income Tax Mon, 22 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28563