https://www.taxtmi.com/caselaws?id=237372 The High Court ruled in favor of the assessee, dismissing the appeal filed by the department. The Court found no malafide intention on the part of the assessee and emphasized that the surrender of income was made to avoid conflict with tax authorities. It was held that no penalty under section 271(1)(c) should be imposed when additional income is offered to avoid litigation. The Court upheld the lower authorities' orders, stating that the surrender was based on an agreed basis and no penal action was warranted. en-us Mon, 26 Aug 2013 00:00:00 +0530 Thu, 26 Sep 2013 11:29:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237372 The High Court ruled in favor of the assessee, dismissing the appeal filed by the department. The Court found no malafide intention on the part of the assessee and emphasized that the surrender of income was made to avoid conflict with tax authorities. It was held that no penalty under section 271(1)(c) should be imposed when additional income is offered to avoid litigation. The Court upheld the lower authorities' orders, stating that the surrender was based on an agreed basis and no penal action was warranted. Case-Laws Income Tax Mon, 26 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237372