https://www.taxtmi.com/caselaws?id=33529 The High Court held that the Tribunal erred in canceling penalties under section 271(1)(c) for assessment years 1970-71 to 1975-76 as the assessee failed to adequately rebut the presumption of concealment. The burden of proof was on the assessee to provide a credible explanation, which was not met. However, for the assessment year 1977-78, where a new Explanation was in place without the same presumption, the Tribunal's decision to cancel the penalty was upheld, concluding the matter. en-us Thu, 26 Apr 2007 00:00:00 +0530 Fri, 22 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33529 The High Court held that the Tribunal erred in canceling penalties under section 271(1)(c) for assessment years 1970-71 to 1975-76 as the assessee failed to adequately rebut the presumption of concealment. The burden of proof was on the assessee to provide a credible explanation, which was not met. However, for the assessment year 1977-78, where a new Explanation was in place without the same presumption, the Tribunal's decision to cancel the penalty was upheld, concluding the matter. Case-Laws Income Tax Thu, 26 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33529