https://www.taxtmi.com/caselaws?id=68178 The Tribunal ruled in favor of the assessee, directing the deletion of penalties imposed under s. 271(1)(c) of the IT Act for the assessment years 1982-83 to 1984-85. The Tribunal emphasized that the Revenue failed to prove the mens rea of a quasi-criminal offense for penalty imposition solely based on the assessee's surrender of income, noting the absence of incriminating material and fear of detection. Consequently, the appeals of the assessee were allowed, overturning the penalties initially imposed by the Revenue. en-us Mon, 20 Jan 1997 00:00:00 +0530 Thu, 17 Mar 2011 14:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68178 The Tribunal ruled in favor of the assessee, directing the deletion of penalties imposed under s. 271(1)(c) of the IT Act for the assessment years 1982-83 to 1984-85. The Tribunal emphasized that the Revenue failed to prove the mens rea of a quasi-criminal offense for penalty imposition solely based on the assessee's surrender of income, noting the absence of incriminating material and fear of detection. Consequently, the appeals of the assessee were allowed, overturning the penalties initially imposed by the Revenue. Case-Laws Income Tax Mon, 20 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68178