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1998 (1) TMI 7 - SCH - Income Tax
Interpretation of the Expln. to s. 271(1)(c) - concealed income - it is for the assessee to discharge the onus as contemplated in the said Explanation - in the instant case the onus has not been discharged by assessee - hence High Court was right in concluding that as the difference between the income assessed and the income returned was more than 20 per cent., therefore, the said Explanation became applicable and the ITO was justified in imposing penalty
The Supreme Court upheld the imposition of penalty on concealed income under the Explanation to section 271(1)(c) of the IT Act. The court referred to previous decisions emphasizing that the onus is on the assessee to discharge under the Explanation. The High Court's decision was upheld, and the appeals were dismissed with no costs.
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