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2002 (8) TMI 97 - HC - Income Tax"1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty under section 271(1)(c) of the Income-tax Act, 1961 to the extent it was levied by reference to the addition of Rs. 19,000 made in the assessment?" - the assessee, in the instant case, has failed to discharge his onus of proof. The aforesaid Explanation was amended by the Taxation Laws (Amendment) Act, 1975, with effect from 1st April, 1976. The amendment was prospective in effect and in the year under reference, the amendment was not in force. Though the penalty proceedings are penal in nature, in the facts of this case, the onus on the Revenue has been duly discharged. - the question involved herein is answered in the negative, i.e., in favour of the Revenue and against the assessee.
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