https://www.taxtmi.com/caselaws?id=39497 The Income-tax Appellate Tribunal overturned the penalty imposed on a registered firm under section 271(1)(c) of the Income-tax Act, 1961, for alleged concealment of income from cash credits. The Tribunal held that the burden of proof lies with the department to show deliberate concealment of income, which it failed to do beyond disbelieving the assessee's explanations. The Court clarified that penalties under section 271(1)(c) require proof of deliberate concealment, not just unsatisfactory explanations, and ruled in favor of the assessee, emphasizing the department's failure to meet the burden of proof. en-us Wed, 28 Nov 1973 00:00:00 +0530 Fri, 16 Apr 2010 17:15:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39497 The Income-tax Appellate Tribunal overturned the penalty imposed on a registered firm under section 271(1)(c) of the Income-tax Act, 1961, for alleged concealment of income from cash credits. The Tribunal held that the burden of proof lies with the department to show deliberate concealment of income, which it failed to do beyond disbelieving the assessee's explanations. The Court clarified that penalties under section 271(1)(c) require proof of deliberate concealment, not just unsatisfactory explanations, and ruled in favor of the assessee, emphasizing the department's failure to meet the burden of proof. Case-Laws Income Tax Wed, 28 Nov 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39497