https://www.taxtmi.com/caselaws?id=62930 The penalty of Rs. 3,498 levied under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1980-81 was canceled. The Third Member concluded that the assessee's agreement to the addition of income from undisclosed sources was not an admission of concealed income but a measure to avoid litigation. The penalty was deemed unjustified, and the appeal was allowed in favor of the assessee, with the matter referred back to the regular Bench for further proceedings. en-us Fri, 20 Apr 1990 00:00:00 +0530 Mon, 24 Jan 2011 17:20:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62930 The penalty of Rs. 3,498 levied under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1980-81 was canceled. The Third Member concluded that the assessee's agreement to the addition of income from undisclosed sources was not an admission of concealed income but a measure to avoid litigation. The penalty was deemed unjustified, and the appeal was allowed in favor of the assessee, with the matter referred back to the regular Bench for further proceedings. Case-Laws Income Tax Fri, 20 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62930