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2004 (12) TMI 67 - ALLAHABAD HIGH COURT
Penalty under section 271(1)(c) - in the present case as the applicant had not produced the books of account to establish that the amount of Rs. 36,956 related to the earlier years, the onus which lay upon it has not been discharged - the stand taken by the applicant for not producing the books of account of the earlier accounting periods on the plea that it had been eaten away by white ants, will not absolve its liability to prove that the failure to return the correct income did not arise from any fraud or any gross or wilful neglect on its part. – penalty is imposable