https://www.taxtmi.com/caselaws?id=68041 The Appellate Tribunal allowed the appeal, revoking the penalty imposed under section 271(1)(c) on the assessee. The Tribunal determined that the surrender made by the assessee was not indicative of concealment of income but rather a measure to avoid inconvenience, lacking the necessary mens rea for a quasi-criminal offense. Citing previous court decisions, the Tribunal concluded that the penalty should not be upheld solely based on agreement with the Department or surrender of income, ruling in favor of the assessee due to the absence of evidence establishing intent to conceal income. en-us Fri, 10 Apr 1992 00:00:00 +0530 Wed, 16 Mar 2011 16:01:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68041 The Appellate Tribunal allowed the appeal, revoking the penalty imposed under section 271(1)(c) on the assessee. The Tribunal determined that the surrender made by the assessee was not indicative of concealment of income but rather a measure to avoid inconvenience, lacking the necessary mens rea for a quasi-criminal offense. Citing previous court decisions, the Tribunal concluded that the penalty should not be upheld solely based on agreement with the Department or surrender of income, ruling in favor of the assessee due to the absence of evidence establishing intent to conceal income. Case-Laws Income Tax Fri, 10 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68041