https://www.taxtmi.com/caselaws?id=208086 The Tribunal overturned the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 2005-06. It held that the voluntary surrender of Rs. 25 lakhs by the assessee, made to avoid further scrutiny and buy peace of mind, did not warrant the penalty. Citing precedents, the Tribunal emphasized that such voluntary offers could be accepted without deeper investigation. The penalty was deemed unjustified, and the Tribunal directed the AO to delete it, ruling in favor of the assessee. en-us Wed, 30 Mar 2011 00:00:00 +0530 Wed, 04 Jan 2012 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208086 The Tribunal overturned the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 2005-06. It held that the voluntary surrender of Rs. 25 lakhs by the assessee, made to avoid further scrutiny and buy peace of mind, did not warrant the penalty. Citing precedents, the Tribunal emphasized that such voluntary offers could be accepted without deeper investigation. The penalty was deemed unjustified, and the Tribunal directed the AO to delete it, ruling in favor of the assessee. Case-Laws Income Tax Wed, 30 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208086