https://www.taxtmi.com/caselaws?id=252357 The Tribunal upheld the imposition of a penalty under section 271(1)(c) of the IT Act on the assessee for concealment of income. Despite the voluntary surrender of additional income, the Tribunal found the disclosure was not truly voluntary as it occurred after the department identified discrepancies. Legal precedents were cited to support the penalty imposition, emphasizing that surrendering income after being confronted does not constitute voluntary disclosure. The penalty was reduced from 200% to the minimum rate of 100% to Rs. 2,32,058, with the appeal dismissed on merits but the penalty reduced to the statutory minimum. en-us Fri, 28 Feb 2014 00:00:00 +0530 Mon, 06 Oct 2014 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252357 The Tribunal upheld the imposition of a penalty under section 271(1)(c) of the IT Act on the assessee for concealment of income. Despite the voluntary surrender of additional income, the Tribunal found the disclosure was not truly voluntary as it occurred after the department identified discrepancies. Legal precedents were cited to support the penalty imposition, emphasizing that surrendering income after being confronted does not constitute voluntary disclosure. The penalty was reduced from 200% to the minimum rate of 100% to Rs. 2,32,058, with the appeal dismissed on merits but the penalty reduced to the statutory minimum. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252357