https://www.taxtmi.com/caselaws?id=412791 The Tribunal upheld the initiation of penalty proceedings for concealment of income but deemed the penalty order invalid for lack of specificity in the charge. The penalty for the addition of Rs. 50 Lakhs was upheld, while the penalty for the disallowance of Rs. 3,11,306/- was deleted due to an incorrect charge. The surrender of Rs. 50 Lakhs was considered voluntary, and no coercion was found. The appeal was partly allowed, with the penalty for the addition upheld and the penalty for the disallowance deleted. en-us Fri, 24 Sep 2021 00:00:00 +0530 Mon, 27 Sep 2021 07:56:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412791 The Tribunal upheld the initiation of penalty proceedings for concealment of income but deemed the penalty order invalid for lack of specificity in the charge. The penalty for the addition of Rs. 50 Lakhs was upheld, while the penalty for the disallowance of Rs. 3,11,306/- was deleted due to an incorrect charge. The surrender of Rs. 50 Lakhs was considered voluntary, and no coercion was found. The appeal was partly allowed, with the penalty for the addition upheld and the penalty for the disallowance deleted. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412791