2001 (8) TMI 8 - SC - Income Tax

By reason of the Explanation to section 271(1)(c), where the total income returned by the assessee is less than 80 % of the total income assessed under section 143/144/147, reduced to the extent therein provided, the assessee is deemed to have concealed the particulars of his income or furnished inaccurate particulars thereof, unless he proves that the failure to return the correct income did not arise from any fraud or neglect on his part - tribunal was not justified in deleting the penalty