https://www.taxtmi.com/caselaws?id=56301 Concealment penalties are governed by the law in force when the original return is filed. For returns governed by the Income-tax Act, 1922, the later Explanation to Section 271(1)(c) of the 1961 Act cannot retrospectively apply to impose its evidentiary deeming rule. Under the pre-1964 regime, the Revenue must establish conscious and deliberate concealment. An assessment addition arising from rejection of an explanation for an unexplained capital entry, including in foreign business accounts, does not alone establish the required mens rea or contumacious conduct. Where the explanation remains capable of acceptance and conscious concealment is not proved, concealment penalty is unsustainable. en-us Mon, 12 Nov 1984 00:00:00 +0530 Thu, 02 Dec 2010 18:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56301 Concealment penalties are governed by the law in force when the original return is filed. For returns governed by the Income-tax Act, 1922, the later Explanation to Section 271(1)(c) of the 1961 Act cannot retrospectively apply to impose its evidentiary deeming rule. Under the pre-1964 regime, the Revenue must establish conscious and deliberate concealment. An assessment addition arising from rejection of an explanation for an unexplained capital entry, including in foreign business accounts, does not alone establish the required mens rea or contumacious conduct. Where the explanation remains capable of acceptance and conscious concealment is not proved, concealment penalty is unsustainable. Case-Laws Income Tax Mon, 12 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56301