https://www.taxtmi.com/caselaws?id=36117 The Tribunal confirmed the levy of a penalty of Rs. 3,500 under Section 271(1)(c) of the Income-tax Act, 1961, against the partnership firm for concealing income. The Explanation to Section 271(1)(c) was invoked, shifting the burden of proof to the assessee, who failed to provide a credible explanation. The court upheld the penalty, ruling in favor of the revenue and ordering the assessee to pay the costs of the reference. en-us Tue, 01 Jul 1980 00:00:00 +0530 Fri, 19 Mar 2010 13:44:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36117 The Tribunal confirmed the levy of a penalty of Rs. 3,500 under Section 271(1)(c) of the Income-tax Act, 1961, against the partnership firm for concealing income. The Explanation to Section 271(1)(c) was invoked, shifting the burden of proof to the assessee, who failed to provide a credible explanation. The court upheld the penalty, ruling in favor of the revenue and ordering the assessee to pay the costs of the reference. Case-Laws Income Tax Tue, 01 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36117