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2007 (4) TMI 255 - ALLAHABAD HIGH COURTImpact of the substitution of Explanation to section 271(1) (c) – For the assessment years 1970-71 to 1975-76, the assessee’s declared income was less than the aforesaid limit of 80 per cent. of the assessed income - burden under the former Explanation being on the assessee and not having been discharged by an acceptable explanation the presumption under that Explanation warranted the penalty proceedings – therefore, Tribunal was not justified in cancelling the penalties levied u/s 271(1)(c), for the assessment years 1970-71 to 1975-76 - Tribunal’s order cancelling the penalty for the year 1977-78 was correct
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