https://www.taxtmi.com/caselaws?id=347901 The Tribunal upheld the penalty imposed by the Assessing Officer, reversing the Commissioner of Income Tax (Appeals)'s decision to delete the penalty. The Tribunal found that the assessee's disclosure of unexplained income was not voluntary but made under the fear of penalty or other proceedings. The Tribunal emphasized that voluntary surrender of income after detection of untruthfulness does not exempt from penalty provisions. The assessee failed to rebut the presumption of concealment, leading to the penalty being upheld. The Revenue's appeal was allowed, and the penalty order was upheld under section 271(1)(c) of the Income Tax Act, 1961. en-us Wed, 06 Sep 2017 00:00:00 +0530 Wed, 13 Sep 2017 08:19:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347901 The Tribunal upheld the penalty imposed by the Assessing Officer, reversing the Commissioner of Income Tax (Appeals)'s decision to delete the penalty. The Tribunal found that the assessee's disclosure of unexplained income was not voluntary but made under the fear of penalty or other proceedings. The Tribunal emphasized that voluntary surrender of income after detection of untruthfulness does not exempt from penalty provisions. The assessee failed to rebut the presumption of concealment, leading to the penalty being upheld. The Revenue's appeal was allowed, and the penalty order was upheld under section 271(1)(c) of the Income Tax Act, 1961. Case-Laws Income Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347901