https://www.taxtmi.com/caselaws?id=360597 The High Court upheld the penalty imposed by the Assessing Officer on the assessee despite the assessed tax liability becoming nil after adjustments. The Court emphasized that voluntary surrender of income does not exempt one from penalty proceedings and clarified that penalties can be imposed for concealing income, even if there is no tax liability post-assessment. The judgment highlights the significance of transparency in income disclosures and the repercussions of hiding income, reinforcing the authority's ability to levy penalties under the Income Tax Act. en-us Tue, 03 Apr 2018 00:00:00 +0530 Sat, 19 May 2018 15:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360597 The High Court upheld the penalty imposed by the Assessing Officer on the assessee despite the assessed tax liability becoming nil after adjustments. The Court emphasized that voluntary surrender of income does not exempt one from penalty proceedings and clarified that penalties can be imposed for concealing income, even if there is no tax liability post-assessment. The judgment highlights the significance of transparency in income disclosures and the repercussions of hiding income, reinforcing the authority's ability to levy penalties under the Income Tax Act. Case-Laws Income Tax Tue, 03 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360597