https://www.taxtmi.com/caselaws?id=68790 The Tribunal canceled the penalty of Rs. 6,31,800 imposed under Section 271(1)(c) of the IT Act, 1961, for alleged concealment of income. It concluded that the voluntary surrender of income by the assessee was not due to any detection or investigation by the Department. The Tribunal found no evidence of concealment or furnishing of inaccurate particulars by the assessee and determined that the surrender was made in good faith. Consequently, the appeal was allowed, and the penalty was deemed unsustainable. en-us Fri, 25 Jan 2008 00:00:00 +0530 Thu, 18 Jan 2024 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68790 The Tribunal canceled the penalty of Rs. 6,31,800 imposed under Section 271(1)(c) of the IT Act, 1961, for alleged concealment of income. It concluded that the voluntary surrender of income by the assessee was not due to any detection or investigation by the Department. The Tribunal found no evidence of concealment or furnishing of inaccurate particulars by the assessee and determined that the surrender was made in good faith. Consequently, the appeal was allowed, and the penalty was deemed unsustainable. Case-Laws Income Tax Fri, 25 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68790