https://www.taxtmi.com/caselaws?id=12152 Penalty under s. 271(1)(c) was in issue where a large cash amount was seized and the taxpayer later surrendered it, claiming voluntary disclosure. The HC held the explanation for carrying the cash was inherently implausible and unsupported, rendering it false; surrender after seizure could not be treated as voluntary, and no evidence showed departmental coercion. The HC further held penalty is not automatic but can be sustained on existing record without additional material where facts establish deemed concealment and furnishing of inaccurate particulars. Consequently, the Tribunal erred in cancelling the penalty, and the penalty as imposed by the AO and upheld by CIT(A) was restored. en-us Fri, 02 Aug 2002 00:00:00 +0530 Wed, 24 Dec 2025 19:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12152 Penalty under s. 271(1)(c) was in issue where a large cash amount was seized and the taxpayer later surrendered it, claiming voluntary disclosure. The HC held the explanation for carrying the cash was inherently implausible and unsupported, rendering it false; surrender after seizure could not be treated as voluntary, and no evidence showed departmental coercion. The HC further held penalty is not automatic but can be sustained on existing record without additional material where facts establish deemed concealment and furnishing of inaccurate particulars. Consequently, the Tribunal erred in cancelling the penalty, and the penalty as imposed by the AO and upheld by CIT(A) was restored. Case-Laws Income Tax Fri, 02 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12152