https://www.taxtmi.com/caselaws?id=56927 The Tribunal upheld penalties imposed under s. 271(1)(a) by the Appellate Authority, except for revising the penalty amount for the year 1972-73 due to a computation error in the delay period. The appeals challenging penalty imposition based on income being below the taxable limit were dismissed. The Tribunal emphasized that assessed income, not declared income, is crucial for penalty imposition, citing relevant case laws. Penalties were confirmed, highlighting the burden of proof for reasonable cause resting with the assessee. en-us Thu, 27 Feb 1986 00:00:00 +0530 Tue, 07 Dec 2010 13:45:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56927 The Tribunal upheld penalties imposed under s. 271(1)(a) by the Appellate Authority, except for revising the penalty amount for the year 1972-73 due to a computation error in the delay period. The appeals challenging penalty imposition based on income being below the taxable limit were dismissed. The Tribunal emphasized that assessed income, not declared income, is crucial for penalty imposition, citing relevant case laws. Penalties were confirmed, highlighting the burden of proof for reasonable cause resting with the assessee. Case-Laws Income Tax Thu, 27 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56927