https://www.taxtmi.com/caselaws?id=217870 The Court held that the assessee's admission of taxing income at 8% during a detailed enquiry constituted a voluntary surrender, exempting it from penalty under Section 271(1)(c) of the Income Tax Act. The Court found that the AO's initiation of penalty proceedings was unjustified as it was based on material obtained after the assessment order, and there was no evidence of inaccurate particulars furnished by the assessee. The Tribunal's order was upheld, ruling in favor of the assessee and dismissing the appeal with no costs. en-us Thu, 11 Oct 2012 00:00:00 +0530 Thu, 10 Jan 2013 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217870 The Court held that the assessee's admission of taxing income at 8% during a detailed enquiry constituted a voluntary surrender, exempting it from penalty under Section 271(1)(c) of the Income Tax Act. The Court found that the AO's initiation of penalty proceedings was unjustified as it was based on material obtained after the assessment order, and there was no evidence of inaccurate particulars furnished by the assessee. The Tribunal's order was upheld, ruling in favor of the assessee and dismissing the appeal with no costs. Case-Laws Income Tax Thu, 11 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217870