https://www.taxtmi.com/caselaws?id=55963 Validity of an advance-tax notice issued before completion of the first regular assessment was determinative: where the notice under the advance-tax provision was invalid and the assessee paid the demanded sum in bona fide compliance, penalty under advance-tax penalty provision was cancelled. The rebuttable presumption in the Explanation to the concealment penalty was applied: penalty was sustained where ledger manipulations and failure to produce primary records left the presumption unrebutted, but penalty was deleted for a minor closing-stock omission accepted and adjusted next year. For the first-year tax-audit delay the Department failed to prove absence of reasonable cause, so penalty under the tax-audit provision was cancelled. en-us Thu, 05 Aug 1993 00:00:00 +0530 Tue, 30 Nov 2010 18:14:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55963 Validity of an advance-tax notice issued before completion of the first regular assessment was determinative: where the notice under the advance-tax provision was invalid and the assessee paid the demanded sum in bona fide compliance, penalty under advance-tax penalty provision was cancelled. The rebuttable presumption in the Explanation to the concealment penalty was applied: penalty was sustained where ledger manipulations and failure to produce primary records left the presumption unrebutted, but penalty was deleted for a minor closing-stock omission accepted and adjusted next year. For the first-year tax-audit delay the Department failed to prove absence of reasonable cause, so penalty under the tax-audit provision was cancelled. Case-Laws Income Tax Thu, 05 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55963