https://www.taxtmi.com/caselaws?id=9472 The High Court upheld the Tribunal's decision to quash the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court agreed that the FDRs found were not considered valuable articles under Explanation 5, and the Department failed to prove them as concealed income. The Court emphasized that the surrender of income in a revised return does not necessarily indicate concealment, and intentional suppression of income must be proven for penalty imposition. The decision favored the assessee, concluding that the penalty was not justifiable based on substantial evidence. en-us Wed, 27 Apr 2005 00:00:00 +0530 Tue, 23 Jun 2009 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9472 The High Court upheld the Tribunal's decision to quash the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court agreed that the FDRs found were not considered valuable articles under Explanation 5, and the Department failed to prove them as concealed income. The Court emphasized that the surrender of income in a revised return does not necessarily indicate concealment, and intentional suppression of income must be proven for penalty imposition. The decision favored the assessee, concluding that the penalty was not justifiable based on substantial evidence. Case-Laws Income Tax Wed, 27 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9472