https://www.taxtmi.com/caselaws?id=57655 The Appellate Tribunal canceled the penalty imposed under section 271(1)(c) of the IT Act, 1961, amounting to Rs. 20,000. The tribunal held that the revenue failed to prove that the undisclosed amount was the revenue income of the assessee. It emphasized the burden of proof on the revenue to establish the nature of income and the necessity to provide the assessee with an opportunity to explain and disprove any alleged concealment. The failure to invoke the Explanation to section 271(1)(c) further weakened the case for penalty imposition. en-us Fri, 02 Jan 1976 00:00:00 +0530 Sat, 11 Dec 2010 13:31:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57655 The Appellate Tribunal canceled the penalty imposed under section 271(1)(c) of the IT Act, 1961, amounting to Rs. 20,000. The tribunal held that the revenue failed to prove that the undisclosed amount was the revenue income of the assessee. It emphasized the burden of proof on the revenue to establish the nature of income and the necessity to provide the assessee with an opportunity to explain and disprove any alleged concealment. The failure to invoke the Explanation to section 271(1)(c) further weakened the case for penalty imposition. Case-Laws Income Tax Fri, 02 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57655