https://www.taxtmi.com/caselaws?id=38890 The High Court held that penalty under section 271(1)(c) for concealment of income under section 68 of the Income-tax Act can be imposed even on deemed income. The Court disagreed with the Tribunal's interpretation that income under section 68 is not considered "income" as defined by the Act. The burden of proof for concealment penalty lies with the revenue, and penalty can be levied for both actual and deemed income. The Court recommended the Appellate Tribunal to reconsider the penalty amount based on the sustained income. en-us Fri, 09 Jul 1976 00:00:00 +0530 Sat, 10 Apr 2010 12:11:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38890 The High Court held that penalty under section 271(1)(c) for concealment of income under section 68 of the Income-tax Act can be imposed even on deemed income. The Court disagreed with the Tribunal's interpretation that income under section 68 is not considered "income" as defined by the Act. The burden of proof for concealment penalty lies with the revenue, and penalty can be levied for both actual and deemed income. The Court recommended the Appellate Tribunal to reconsider the penalty amount based on the sustained income. Case-Laws Income Tax Fri, 09 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38890