https://www.taxtmi.com/caselaws?id=37037 The High Court upheld the Tribunal's decision to cancel the penalty of Rs. 6,750 imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court agreed with the Tribunal that the revenue failed to prove conscious concealment of income by the assessee and that the explanations provided were plausible. The Court emphasized that the burden of proof shifts to the revenue once the assessee provides a reasonable explanation, as per established legal principles. The decision favored the assessee, affirming the cancellation of the penalty. en-us Tue, 26 Jun 1979 00:00:00 +0530 Fri, 26 Mar 2010 11:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37037 The High Court upheld the Tribunal's decision to cancel the penalty of Rs. 6,750 imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court agreed with the Tribunal that the revenue failed to prove conscious concealment of income by the assessee and that the explanations provided were plausible. The Court emphasized that the burden of proof shifts to the revenue once the assessee provides a reasonable explanation, as per established legal principles. The decision favored the assessee, affirming the cancellation of the penalty. Case-Laws Income Tax Tue, 26 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37037