https://www.taxtmi.com/caselaws?id=375011 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, finding that the assessee's disclosure of additional income was not voluntary but a result of a survey. The Tribunal rejected the argument that the disclosure was made before a notice was issued and emphasized that the burden was on the assessee to provide a bona fide explanation, which was not met. The penalty was justified under Explanation 1A to Section 271(1)(c), confirming that post-survey voluntary disclosure does not exempt an assessee from penalties. The appeals were dismissed on 08/02/2019. en-us Fri, 08 Feb 2019 00:00:00 +0530 Tue, 12 Mar 2019 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375011 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, finding that the assessee's disclosure of additional income was not voluntary but a result of a survey. The Tribunal rejected the argument that the disclosure was made before a notice was issued and emphasized that the burden was on the assessee to provide a bona fide explanation, which was not met. The penalty was justified under Explanation 1A to Section 271(1)(c), confirming that post-survey voluntary disclosure does not exempt an assessee from penalties. The appeals were dismissed on 08/02/2019. Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375011