https://www.taxtmi.com/caselaws?id=245231 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act, citing the concealment of income by the assessee. The penalty was reduced to 100% of the tax sought to be evaded, amounting to Rs. 2,32,058, considering the circumstances. The Tribunal emphasized that the surrender of income was not voluntary but made under compulsion after incriminating evidence was discovered. Legal precedents supported the imposition of the penalty, highlighting the necessity for penalties in cases of deliberate income concealment. en-us Fri, 28 Feb 2014 00:00:00 +0530 Fri, 21 Mar 2014 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245231 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act, citing the concealment of income by the assessee. The penalty was reduced to 100% of the tax sought to be evaded, amounting to Rs. 2,32,058, considering the circumstances. The Tribunal emphasized that the surrender of income was not voluntary but made under compulsion after incriminating evidence was discovered. Legal precedents supported the imposition of the penalty, highlighting the necessity for penalties in cases of deliberate income concealment. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245231