https://www.taxtmi.com/caselaws?id=243088 The Tribunal upheld the decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-08. The Tribunal found that the voluntary surrender by the assessee did not indicate conscious concealment or furnishing inaccurate particulars of income. Emphasizing the importance of voluntary surrender to avoid litigation, the Tribunal dismissed the department's appeal, affirming the deletion of the penalty. en-us Wed, 31 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 18:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243088 The Tribunal upheld the decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-08. The Tribunal found that the voluntary surrender by the assessee did not indicate conscious concealment or furnishing inaccurate particulars of income. Emphasizing the importance of voluntary surrender to avoid litigation, the Tribunal dismissed the department's appeal, affirming the deletion of the penalty. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243088