https://www.taxtmi.com/caselaws?id=265253 The Tribunal upheld the deletion of a penalty of Rs. 15.39 lakhs under section 271(1)(c) of the Income-tax Act, 1961. The penalty was imposed by the Assessing Officer but later deleted by the ld. CIT(A) and affirmed by the Tribunal. The key issue was whether the surrender made by the assessee was voluntary, with the Tribunal emphasizing the absence of coercion or incriminating material. The decision highlighted the importance of assessing the voluntariness of disclosures in tax matters and the significance of cooperation in determining penalty applicability. en-us Mon, 25 Aug 2014 00:00:00 +0530 Fri, 09 Oct 2015 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265253 The Tribunal upheld the deletion of a penalty of Rs. 15.39 lakhs under section 271(1)(c) of the Income-tax Act, 1961. The penalty was imposed by the Assessing Officer but later deleted by the ld. CIT(A) and affirmed by the Tribunal. The key issue was whether the surrender made by the assessee was voluntary, with the Tribunal emphasizing the absence of coercion or incriminating material. The decision highlighted the importance of assessing the voluntariness of disclosures in tax matters and the significance of cooperation in determining penalty applicability. Case-Laws Income Tax Mon, 25 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265253