https://www.taxtmi.com/caselaws?id=37053 The court held that the assessee's inclusion of cash credits in the return filed in response to the notice u/s 148 constituted an admission of concealment of income. The court emphasized that this admission was crucial evidence, shifting the burden of proof to the assessee to explain or disprove it. The court disagreed with the Tribunal's requirement for independent evidence and reinstated the penalty on the assessee, as the admission in the return established concealment. The Tribunal's decision to cancel the penalty was deemed incorrect. en-us Mon, 23 Jul 1979 00:00:00 +0530 Fri, 26 Mar 2010 11:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37053 The court held that the assessee's inclusion of cash credits in the return filed in response to the notice u/s 148 constituted an admission of concealment of income. The court emphasized that this admission was crucial evidence, shifting the burden of proof to the assessee to explain or disprove it. The court disagreed with the Tribunal's requirement for independent evidence and reinstated the penalty on the assessee, as the admission in the return established concealment. The Tribunal's decision to cancel the penalty was deemed incorrect. Case-Laws Income Tax Mon, 23 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37053