https://www.taxtmi.com/caselaws?id=63070 The Appellate Tribunal ITAT Delhi-A, in the case of Atul Engineering Works, overturned penalties imposed under section 271(1)(c) of the IT Act for the assessment years 1971-72 and 1972-73. The Tribunal ruled that penalties could not be solely based on surrenders, emphasizing the lack of evidence for concealed income and the importance of voluntary disclosures and settlement agreements. It highlighted the necessity of concrete proof of concealment and referenced legal precedents to justify canceling the penalties, aligning with the assessee's argument of peace purchase rather than admission of concealment. en-us Wed, 05 May 1976 00:00:00 +0530 Thu, 27 Jan 2011 17:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63070 The Appellate Tribunal ITAT Delhi-A, in the case of Atul Engineering Works, overturned penalties imposed under section 271(1)(c) of the IT Act for the assessment years 1971-72 and 1972-73. The Tribunal ruled that penalties could not be solely based on surrenders, emphasizing the lack of evidence for concealed income and the importance of voluntary disclosures and settlement agreements. It highlighted the necessity of concrete proof of concealment and referenced legal precedents to justify canceling the penalties, aligning with the assessee's argument of peace purchase rather than admission of concealment. Case-Laws Income Tax Wed, 05 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63070