https://www.taxtmi.com/caselaws?id=57219 The Tribunal re-examined the evidence and directions from the High Court, concluding that the assessee successfully rebutted presumptions under Section 271(1)(c) of the IT Act. The penalty of Rs. 1,76,000 was canceled as the Revenue failed to prove conscious income concealment. The appeal was allowed in favor of the assessee. en-us Sun, 09 Jul 1989 00:00:00 +0530 Thu, 09 Dec 2010 10:13:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57219 The Tribunal re-examined the evidence and directions from the High Court, concluding that the assessee successfully rebutted presumptions under Section 271(1)(c) of the IT Act. The penalty of Rs. 1,76,000 was canceled as the Revenue failed to prove conscious income concealment. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Sun, 09 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57219