https://www.taxtmi.com/caselaws?id=330451 The tribunal upheld penalties imposed on the appellant for income calculated on estimated bases from disclosed credit transactions and voluntarily surrendered bank accounts. The penalties were confirmed due to discrepancies in disclosures, lack of genuine voluntary surrender, and failure to prove bona fide mistakes by the appellant. The tribunal emphasized that voluntary disclosure prompted by investigation does not exempt from penalties. The appeal was dismissed, affirming the penalties imposed by the Assessing Officer and CIT(A). en-us Thu, 16 Jun 2016 00:00:00 +0530 Tue, 26 Jul 2016 11:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330451 The tribunal upheld penalties imposed on the appellant for income calculated on estimated bases from disclosed credit transactions and voluntarily surrendered bank accounts. The penalties were confirmed due to discrepancies in disclosures, lack of genuine voluntary surrender, and failure to prove bona fide mistakes by the appellant. The tribunal emphasized that voluntary disclosure prompted by investigation does not exempt from penalties. The appeal was dismissed, affirming the penalties imposed by the Assessing Officer and CIT(A). Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330451