https://www.taxtmi.com/caselaws?id=253881 The Tribunal upheld the penalties imposed under Section 271(1)(c) for both assessees, ruling that the penalties were justified as the assessees failed to explain the cash credits, leading to concealed income. The Tribunal emphasized that voluntary surrender of income does not exempt the assessee from penalties, especially when done under compulsion, as in this case where the surrender was due to being cornered by the Assessing Officer. en-us Thu, 11 Sep 2014 00:00:00 +0530 Sat, 06 Dec 2014 06:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253881 The Tribunal upheld the penalties imposed under Section 271(1)(c) for both assessees, ruling that the penalties were justified as the assessees failed to explain the cash credits, leading to concealed income. The Tribunal emphasized that voluntary surrender of income does not exempt the assessee from penalties, especially when done under compulsion, as in this case where the surrender was due to being cornered by the Assessing Officer. Case-Laws Income Tax Thu, 11 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253881