https://www.taxtmi.com/caselaws?id=202750 The High Court dismissed the appeals challenging penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The Court upheld the findings that the assessees' surrender of income following a notice under section 148 did not indicate fraudulent activities related to long-term capital gains. Consequently, the lack of evidence led to the dropping of penalty proceedings, with the Court emphasizing that mere income surrender post-notice does not automatically trigger penalties under the Act. The appeals were deemed lacking in merit and were dismissed, affirming the Tribunal's decision. en-us Fri, 04 Feb 2011 00:00:00 +0530 Thu, 31 Mar 2011 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202750 The High Court dismissed the appeals challenging penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The Court upheld the findings that the assessees' surrender of income following a notice under section 148 did not indicate fraudulent activities related to long-term capital gains. Consequently, the lack of evidence led to the dropping of penalty proceedings, with the Court emphasizing that mere income surrender post-notice does not automatically trigger penalties under the Act. The appeals were deemed lacking in merit and were dismissed, affirming the Tribunal's decision. Case-Laws Income Tax Fri, 04 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202750