https://www.taxtmi.com/caselaws?id=465289 Penalty under section 271(1)(c) requires consideration of Explanation 1 and the assessee's burden to explain alleged concealment. Where books are rejected and income is estimated because of defective accounts and unexplained credits, that circumstance alone does not automatically establish concealment. The Kerala HC held that the Tribunal should not have cancelled the penalty without examining whether the assessee had discharged the burden under Explanation 1. The matter was remitted to the Tribunal for fresh consideration after giving the assessee an opportunity to meet the penalty case and explain the alleged concealment. en-us Thu, 10 Jun 2004 00:00:00 +0530 Mon, 15 Dec 2025 14:19:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465289 Penalty under section 271(1)(c) requires consideration of Explanation 1 and the assessee's burden to explain alleged concealment. Where books are rejected and income is estimated because of defective accounts and unexplained credits, that circumstance alone does not automatically establish concealment. The Kerala HC held that the Tribunal should not have cancelled the penalty without examining whether the assessee had discharged the burden under Explanation 1. The matter was remitted to the Tribunal for fresh consideration after giving the assessee an opportunity to meet the penalty case and explain the alleged concealment. Case-Laws Income Tax Thu, 10 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465289