https://www.taxtmi.com/caselaws?id=35843 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, as the assessee failed to prove that the failure to report correct income was not due to fraud, gross, or wilful neglect. The court also ruled that deemed income under Section 69A was rightly assessed in the relevant financial year, and the assessee was provided with a reasonable opportunity to be heard under Section 274(1). The burden of proof regarding concealment of income was on the assessee, and their explanations were deemed not credible. en-us Tue, 07 Oct 1980 00:00:00 +0530 Wed, 17 Mar 2010 11:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35843 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, as the assessee failed to prove that the failure to report correct income was not due to fraud, gross, or wilful neglect. The court also ruled that deemed income under Section 69A was rightly assessed in the relevant financial year, and the assessee was provided with a reasonable opportunity to be heard under Section 274(1). The burden of proof regarding concealment of income was on the assessee, and their explanations were deemed not credible. Case-Laws Income Tax Tue, 07 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35843