https://www.taxtmi.com/caselaws?id=30146 The Court disagreed with the Tribunal's decision to shift the burden of proof to the Revenue in a case challenging the cancellation of a penalty under section 271(1)(c) of the Income-tax Act. The Court found the assessee's explanation regarding credit entries in the balance-sheet lacking credibility and upheld the penalty, emphasizing that the burden of explanation rested with the assessee. The Court deemed the penalty amount appropriate under the law, rejecting the Tribunal's decision and highlighting inconsistencies in the assessee's actions. en-us Mon, 21 Jan 2008 00:00:00 +0530 Sat, 09 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30146 The Court disagreed with the Tribunal's decision to shift the burden of proof to the Revenue in a case challenging the cancellation of a penalty under section 271(1)(c) of the Income-tax Act. The Court found the assessee's explanation regarding credit entries in the balance-sheet lacking credibility and upheld the penalty, emphasizing that the burden of explanation rested with the assessee. The Court deemed the penalty amount appropriate under the law, rejecting the Tribunal's decision and highlighting inconsistencies in the assessee's actions. Case-Laws Income Tax Mon, 21 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30146