https://www.taxtmi.com/caselaws?id=29557 The High Court ruled against the assessee, finding that the onus under the Explanation to section 271(1)(c) was not discharged. The Court held that the assessee's failure to justify the return of income based on regular accounts and prove the absence of fraud, gross, or wilful neglect warranted the penalty imposition. The Court disagreed with the Tribunal's deletion of the penalty, emphasizing that deliberate concealment is not a prerequisite for penalty under section 271(1)(c). The Court directed each party to bear their own costs and suggested further arguments could be raised before the Appellate Tribunal regarding tax payable and penalty imposition. en-us Fri, 16 Apr 1982 00:00:00 +0530 Sat, 13 Mar 2010 17:02:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29557 The High Court ruled against the assessee, finding that the onus under the Explanation to section 271(1)(c) was not discharged. The Court held that the assessee's failure to justify the return of income based on regular accounts and prove the absence of fraud, gross, or wilful neglect warranted the penalty imposition. The Court disagreed with the Tribunal's deletion of the penalty, emphasizing that deliberate concealment is not a prerequisite for penalty under section 271(1)(c). The Court directed each party to bear their own costs and suggested further arguments could be raised before the Appellate Tribunal regarding tax payable and penalty imposition. Case-Laws Income Tax Fri, 16 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29557