https://www.taxtmi.com/caselaws?id=68344 The Tribunal found no justification for sustaining the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 1991-92. The penalty of Rs. 6,130 related to an addition in the account of Smt. Damayanti Devi, which was surrendered by the assessee during assessment proceedings. Despite the conditional surrender made by the assessee, the penalty was imposed by the AO. The Tribunal, considering explanations and evidence provided, including legal precedents, concluded that the penalty was unwarranted. As a result, the AO was directed to cancel the penalty, and the appeal by the assessee was allowed. en-us Thu, 20 Apr 2000 00:00:00 +0530 Tue, 29 Mar 2011 13:44:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68344 The Tribunal found no justification for sustaining the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 1991-92. The penalty of Rs. 6,130 related to an addition in the account of Smt. Damayanti Devi, which was surrendered by the assessee during assessment proceedings. Despite the conditional surrender made by the assessee, the penalty was imposed by the AO. The Tribunal, considering explanations and evidence provided, including legal precedents, concluded that the penalty was unwarranted. As a result, the AO was directed to cancel the penalty, and the appeal by the assessee was allowed. Case-Laws Income Tax Thu, 20 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68344