1990 (11) TMI 108

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.... of the Income-tax Act, 1961, the Tribunal has stated the following two questions : " (1) Whether, on the facts and in the circumstances of the case, the onus placed on the assessee under the Explanation to section 271(1)(c) of the Income-tax Act, 1961, has been discharged by it ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in cancelling the p....

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....r held that the burden lay upon the assessee to disprove the presumption arising from the Explanation to section 271(1)(c), which was added by the Finance Act, 1964. Holding that the assessee has failed to rebut the same, penalties were imposed. On appeal, the Tribunal, found that the assessee has successfully rebutted the presumption arising from the said Explanation. The Tribunal considered the ....