https://www.taxtmi.com/caselaws?id=200522 Penalty under section 271(1)(c) was examined on the facts, with the court considering whether the assessee's surrender of income was voluntary and whether MAK Data applied. The assessee had produced books of account, bank statements, vouchers and other supporting material during assessment, and the surrender was made after further enquiry to buy peace. As there was no finding of failure to disclose material particulars or of an unsatisfactory explanation for the returned income, MAK Data was held inapplicable on these facts. The challenge to penalty therefore failed and the penalty was not interfered with. en-us Fri, 02 May 2014 00:00:00 +0530 Tue, 03 Apr 2018 06:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200522 Penalty under section 271(1)(c) was examined on the facts, with the court considering whether the assessee's surrender of income was voluntary and whether MAK Data applied. The assessee had produced books of account, bank statements, vouchers and other supporting material during assessment, and the surrender was made after further enquiry to buy peace. As there was no finding of failure to disclose material particulars or of an unsatisfactory explanation for the returned income, MAK Data was held inapplicable on these facts. The challenge to penalty therefore failed and the penalty was not interfered with. Case-Laws Income Tax Fri, 02 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200522