https://www.taxtmi.com/caselaws?id=379222 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act. It found that the voluntary surrender of income by the assessee, done before any specific detection by the tax authorities, was made in good faith to avoid litigation. The Tribunal considered judicial precedents and concluded that the penalty was not justified as the taxes and interest on the surrendered amount were paid promptly. The decision was based on the unique circumstances of the case and does not establish a precedent for future cases. en-us Fri, 26 Apr 2019 00:00:00 +0530 Tue, 30 Apr 2019 08:05:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379222 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act. It found that the voluntary surrender of income by the assessee, done before any specific detection by the tax authorities, was made in good faith to avoid litigation. The Tribunal considered judicial precedents and concluded that the penalty was not justified as the taxes and interest on the surrendered amount were paid promptly. The decision was based on the unique circumstances of the case and does not establish a precedent for future cases. Case-Laws Income Tax Fri, 26 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379222