https://www.taxtmi.com/caselaws?id=238837 The SC upheld penalty under section 271(1)(c) of the Income Tax Act against the assessee. The court found that surrender of income was not voluntary as it was made only after detection during search operations at the assessee's sister concern. The assessee filed its return 10 months after the survey without declaring the surrendered amount, demonstrating lack of intention to make true disclosure. The court emphasized the statutory duty to maintain proper books, explain payment sources, and declare true income in returns. en-us Wed, 30 Oct 2013 00:00:00 +0530 Wed, 14 May 2025 13:56:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238837 The SC upheld penalty under section 271(1)(c) of the Income Tax Act against the assessee. The court found that surrender of income was not voluntary as it was made only after detection during search operations at the assessee's sister concern. The assessee filed its return 10 months after the survey without declaring the surrendered amount, demonstrating lack of intention to make true disclosure. The court emphasized the statutory duty to maintain proper books, explain payment sources, and declare true income in returns. Case-Laws Income Tax Wed, 30 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238837