https://www.taxtmi.com/caselaws?id=236582 The Tribunal held that the penalty under Section 271(1)(c) of the Income-tax Act was not justified. The income surrender by the assessee was voluntary, made to avoid litigation, and accepted by the Assessing Officer without adverse comments. The Tribunal found no evidence of concealment and concluded that the penalty imposed was unwarranted. As a result, the penalty was deleted, and the assessee's appeal was allowed. en-us Fri, 30 Aug 2013 00:00:00 +0530 Wed, 30 Mar 2016 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236582 The Tribunal held that the penalty under Section 271(1)(c) of the Income-tax Act was not justified. The income surrender by the assessee was voluntary, made to avoid litigation, and accepted by the Assessing Officer without adverse comments. The Tribunal found no evidence of concealment and concluded that the penalty imposed was unwarranted. As a result, the penalty was deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236582