https://www.taxtmi.com/caselaws?id=250923 The Tribunal upheld penalties under section 271(1)(c) for Assessment Years 1991-92 and 1992-93, ruling that undisclosed bank accounts were not voluntarily disclosed and penalties were justified. The Tribunal emphasized that penalties cannot be solely based on estimation grounds, rejecting the argument that disclosure of some bank accounts was voluntary. The decision, pronounced on June 30, 2014, at Ahmedabad, affirmed the lower authorities' penalty imposition. en-us Mon, 30 Jun 2014 00:00:00 +0530 Fri, 29 Aug 2014 09:36:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250923 The Tribunal upheld penalties under section 271(1)(c) for Assessment Years 1991-92 and 1992-93, ruling that undisclosed bank accounts were not voluntarily disclosed and penalties were justified. The Tribunal emphasized that penalties cannot be solely based on estimation grounds, rejecting the argument that disclosure of some bank accounts was voluntary. The decision, pronounced on June 30, 2014, at Ahmedabad, affirmed the lower authorities' penalty imposition. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250923