https://www.taxtmi.com/caselaws?id=209824 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, ruling against the assessee. The Court found that the non-disclosure of surrendered income constituted concealment, justifying the penalty. The Tribunal's decision was supported by the lack of voluntary and good faith surrender by the assessee. The Court differentiated the case from previous judgments, emphasizing the specific facts at hand. Ultimately, the High Court dismissed the appeal and affirmed the Tribunal's restoration of the penalty, concluding that the penalty imposition was justified. en-us Mon, 18 Apr 2011 00:00:00 +0530 Wed, 10 Jul 2013 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209824 The High Court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, ruling against the assessee. The Court found that the non-disclosure of surrendered income constituted concealment, justifying the penalty. The Tribunal's decision was supported by the lack of voluntary and good faith surrender by the assessee. The Court differentiated the case from previous judgments, emphasizing the specific facts at hand. Ultimately, the High Court dismissed the appeal and affirmed the Tribunal's restoration of the penalty, concluding that the penalty imposition was justified. Case-Laws Income Tax Mon, 18 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209824