https://www.taxtmi.com/caselaws?id=39086 Scope of the Explanation concerning penalty for inaccurate income returns: the statutory presumption of concealment arises only where returned income is less than eighty per cent of the assessed income after reducing for bona fide expenditure incurred for earning income but disallowed as deduction; consequence: law deems concealment unless the assessee adduces evidence to show failure to return correct income was not due to fraud, gross or wilful neglect. The burden to rebut this presumption rests on the assessee, and the assessing authority must consider whether disallowed bona fide expenditure affected the eighty per cent comparison before imposing penalty. en-us Mon, 19 Aug 1974 00:00:00 +0530 Fri, 16 Jan 2026 16:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39086 Scope of the Explanation concerning penalty for inaccurate income returns: the statutory presumption of concealment arises only where returned income is less than eighty per cent of the assessed income after reducing for bona fide expenditure incurred for earning income but disallowed as deduction; consequence: law deems concealment unless the assessee adduces evidence to show failure to return correct income was not due to fraud, gross or wilful neglect. The burden to rebut this presumption rests on the assessee, and the assessing authority must consider whether disallowed bona fide expenditure affected the eighty per cent comparison before imposing penalty. Case-Laws Income Tax Mon, 19 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39086