https://www.taxtmi.com/caselaws?id=206484 Penalty under section 271(1)(c) of the Income-tax Act cannot be sustained merely because income was surrendered during survey; there must be material showing concealment or furnishing of inaccurate particulars. The Tribunal found no defect in the books or vouchers and no evidence linking the surrender to detected concealment. The revised return was accepted without any adverse finding, and the surrender was treated as made to buy peace. On those facts, the penalty was deleted and the revenue's challenge failed; section 58 of the Evidence Act did not create a universal rule that surrender alone establishes concealment. en-us Thu, 31 Mar 2011 00:00:00 +0530 Thu, 03 Nov 2011 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206484 Penalty under section 271(1)(c) of the Income-tax Act cannot be sustained merely because income was surrendered during survey; there must be material showing concealment or furnishing of inaccurate particulars. The Tribunal found no defect in the books or vouchers and no evidence linking the surrender to detected concealment. The revised return was accepted without any adverse finding, and the surrender was treated as made to buy peace. On those facts, the penalty was deleted and the revenue's challenge failed; section 58 of the Evidence Act did not create a universal rule that surrender alone establishes concealment. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206484