https://www.taxtmi.com/caselaws?id=334774 The High Court upheld the Tribunal's decision that the revised return was not voluntary and justified the penalty under section 271(1)(c) due to the concealment of income discovered during the survey operation. The categorization of undisclosed income as "business income" instead of "unexplained investment" under section 69B was accepted as final since it was not challenged by either party. The Court referenced precedents emphasizing that voluntary disclosure does not absolve from penalty if made post-detection, affirming the penalty imposition based on evidence and factual findings. The appeal was dismissed. en-us Wed, 01 Jun 2016 00:00:00 +0530 Mon, 21 Nov 2016 13:49:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334774 The High Court upheld the Tribunal's decision that the revised return was not voluntary and justified the penalty under section 271(1)(c) due to the concealment of income discovered during the survey operation. The categorization of undisclosed income as "business income" instead of "unexplained investment" under section 69B was accepted as final since it was not challenged by either party. The Court referenced precedents emphasizing that voluntary disclosure does not absolve from penalty if made post-detection, affirming the penalty imposition based on evidence and factual findings. The appeal was dismissed. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334774