https://www.taxtmi.com/caselaws?id=181372 Penalty under section 271(1)(c) was held not leviable where the assessee voluntarily surrendered the share application money and the Revenue failed to bring any independent material showing concealment or furnishing of inaccurate particulars. The Tribunal noted that the addition rested only on the surrender itself, and that a surrender made after notice or questionnaire did not, by itself, establish deliberate default. Penalty was therefore not automatic and could be imposed only on evidence of concealment or inaccurate particulars; the issue was decided in favour of the assessee. en-us Wed, 08 Apr 2015 00:00:00 +0530 Fri, 15 Apr 2016 11:20:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181372 Penalty under section 271(1)(c) was held not leviable where the assessee voluntarily surrendered the share application money and the Revenue failed to bring any independent material showing concealment or furnishing of inaccurate particulars. The Tribunal noted that the addition rested only on the surrender itself, and that a surrender made after notice or questionnaire did not, by itself, establish deliberate default. Penalty was therefore not automatic and could be imposed only on evidence of concealment or inaccurate particulars; the issue was decided in favour of the assessee. Case-Laws Income Tax Wed, 08 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181372