https://www.taxtmi.com/caselaws?id=55713 Concealment penalty may arise where seized loose papers recording unaccounted receipts and unexplained cash found during a search support each other. Statutory presumptions concerning seized material are rebuttable, but remain effective where the taxpayer provides no evidence that the papers do not belong to it or fails to substantiate the explanation for cash. Under Explanation 1 to section 271(1)(c), an unsubstantiated explanation may support penalty on a preponderance-of-probabilities basis. The penalty is sustained in principle, subject to recomputation reflecting quantum relief granted in the related assessment appeal. en-us Tue, 14 Mar 2000 00:00:00 +0530 Mon, 29 Nov 2010 16:00:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55713 Concealment penalty may arise where seized loose papers recording unaccounted receipts and unexplained cash found during a search support each other. Statutory presumptions concerning seized material are rebuttable, but remain effective where the taxpayer provides no evidence that the papers do not belong to it or fails to substantiate the explanation for cash. Under Explanation 1 to section 271(1)(c), an unsubstantiated explanation may support penalty on a preponderance-of-probabilities basis. The penalty is sustained in principle, subject to recomputation reflecting quantum relief granted in the related assessment appeal. Case-Laws Income Tax Tue, 14 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55713