https://www.taxtmi.com/caselaws?id=188886 The Tribunal upheld the penalty under section 271(1)(c) against the appellant for offering remission of liability u/s 41(1) for A.Y. 2009-10. The appellant's argument that the income was surrendered to avoid punitive action was deemed unsubstantiated, as no evidence was provided regarding the nature of transactions or identities of creditors. The Tribunal found that voluntary disclosure of income does not absolve from penalty when there was no intention to declare the true income initially, affirming the penalty based on Explanation 1 to Section 271(1)(c). en-us Fri, 04 Dec 2015 00:00:00 +0530 Tue, 20 Dec 2016 09:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188886 The Tribunal upheld the penalty under section 271(1)(c) against the appellant for offering remission of liability u/s 41(1) for A.Y. 2009-10. The appellant's argument that the income was surrendered to avoid punitive action was deemed unsubstantiated, as no evidence was provided regarding the nature of transactions or identities of creditors. The Tribunal found that voluntary disclosure of income does not absolve from penalty when there was no intention to declare the true income initially, affirming the penalty based on Explanation 1 to Section 271(1)(c). Case-Laws Income Tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188886