https://www.taxtmi.com/caselaws?id=327837 The Tribunal dismissed the Revenue's appeals, ruling that the penalty on the surrendered amount of Rs. 1 crore was not justified as there was insufficient evidence to establish it as income. The decision emphasized the importance of assessing the nature of surrendered income and the burden of proof in penalty proceedings, citing relevant case law to support the conclusion that penalty cannot be imposed without conclusive proof of concealed income. en-us Fri, 29 Apr 2016 00:00:00 +0530 Fri, 20 May 2016 13:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327837 The Tribunal dismissed the Revenue's appeals, ruling that the penalty on the surrendered amount of Rs. 1 crore was not justified as there was insufficient evidence to establish it as income. The decision emphasized the importance of assessing the nature of surrendered income and the burden of proof in penalty proceedings, citing relevant case law to support the conclusion that penalty cannot be imposed without conclusive proof of concealed income. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327837