https://www.taxtmi.com/caselaws?id=255962 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on the appellant for concealing income in the original return. The Court found that the appellant's voluntary disclosure post-survey without a satisfactory explanation for the initial non-disclosure justified the penalty, in line with established legal principles. The Court emphasized the significance of proving income sources and the impact of post-survey disclosures on penalty imposition, reaffirming the standards for assessing concealment under the Income Tax Act. en-us Mon, 19 Jan 2015 00:00:00 +0530 Fri, 08 May 2015 14:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255962 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on the appellant for concealing income in the original return. The Court found that the appellant's voluntary disclosure post-survey without a satisfactory explanation for the initial non-disclosure justified the penalty, in line with established legal principles. The Court emphasized the significance of proving income sources and the impact of post-survey disclosures on penalty imposition, reaffirming the standards for assessing concealment under the Income Tax Act. Case-Laws Income Tax Mon, 19 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255962