https://www.taxtmi.com/caselaws?id=218913 The High Court dismissed the Tax Appeal, affirming the decision to delete the penalty under section 217(1)(c) of the Income Tax Act. The Court found no flaws in the Tribunal's reasoning and concluded that the issue did not warrant further consideration. The penalty of Rs.31,97,700 was deleted as there was no discrepancy in the returned income justifying the penalty, no concealment of income particulars, and no valid basis for imposing the penalty beyond the material found during the survey. The surrendered income was declared within the due date, and explanation 5 to section 271(1)(c) was deemed inapplicable. en-us Wed, 18 Jan 2012 00:00:00 +0530 Thu, 29 Nov 2012 08:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218913 The High Court dismissed the Tax Appeal, affirming the decision to delete the penalty under section 217(1)(c) of the Income Tax Act. The Court found no flaws in the Tribunal's reasoning and concluded that the issue did not warrant further consideration. The penalty of Rs.31,97,700 was deleted as there was no discrepancy in the returned income justifying the penalty, no concealment of income particulars, and no valid basis for imposing the penalty beyond the material found during the survey. The surrendered income was declared within the due date, and explanation 5 to section 271(1)(c) was deemed inapplicable. Case-Laws Income Tax Wed, 18 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218913