https://www.taxtmi.com/caselaws?id=178298 The Tribunal upheld the CIT (A)'s decision to cancel a penalty imposed under section 271(1)(c) of the IT Act, finding that the surrender of income during survey proceedings was not due to incriminating evidence but made to buy peace of mind. The Tribunal concluded that the surrender was ad hoc, liabilities were subsequently paid, and there was no concealment of income or furnishing of inaccurate particulars. Consequently, the department's appeal was dismissed, and the penalty cancellation was affirmed. en-us Thu, 18 Oct 2012 00:00:00 +0530 Mon, 01 Feb 2016 18:24:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178298 The Tribunal upheld the CIT (A)'s decision to cancel a penalty imposed under section 271(1)(c) of the IT Act, finding that the surrender of income during survey proceedings was not due to incriminating evidence but made to buy peace of mind. The Tribunal concluded that the surrender was ad hoc, liabilities were subsequently paid, and there was no concealment of income or furnishing of inaccurate particulars. Consequently, the department's appeal was dismissed, and the penalty cancellation was affirmed. Case-Laws Income Tax Thu, 18 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178298