https://www.taxtmi.com/caselaws?id=220776 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961 against a registered partnership firm for discrepancies in income declaration. Despite the appellant's voluntary disclosure of additional income to expedite assessment, the Court found lack of concrete evidence and upheld the penalty. The Court emphasized that surrendering the amount did not absolve the appellant from penalty liability, as discrepancies were highlighted by third parties. The Court dismissed the appeal, affirming the Tribunal's decision and concluding no legal infirmity in upholding the penalty. en-us Wed, 09 Jan 2013 00:00:00 +0530 Sat, 05 Apr 2014 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220776 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961 against a registered partnership firm for discrepancies in income declaration. Despite the appellant's voluntary disclosure of additional income to expedite assessment, the Court found lack of concrete evidence and upheld the penalty. The Court emphasized that surrendering the amount did not absolve the appellant from penalty liability, as discrepancies were highlighted by third parties. The Court dismissed the appeal, affirming the Tribunal's decision and concluding no legal infirmity in upholding the penalty. Case-Laws Income Tax Wed, 09 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220776