https://www.taxtmi.com/caselaws?id=27832 The High Court ruled in favor of the assessee in a case involving assessment under section 143(3) of the Income Tax Act, 1961, and penalty proceedings under section 271(1)(c). The court held that penalty cannot be imposed solely based on voluntary disclosure without evidence of deliberate concealment of income, aligning with the decision in CIT v. Net Ram Swarup. The court rejected the argument that admission of initial suppression of income in voluntary disclosure justifies imposing a penalty. The assessee was awarded costs assessed at Rs. 200. en-us Tue, 28 Aug 1984 00:00:00 +0530 Tue, 16 Feb 2010 13:13:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27832 The High Court ruled in favor of the assessee in a case involving assessment under section 143(3) of the Income Tax Act, 1961, and penalty proceedings under section 271(1)(c). The court held that penalty cannot be imposed solely based on voluntary disclosure without evidence of deliberate concealment of income, aligning with the decision in CIT v. Net Ram Swarup. The court rejected the argument that admission of initial suppression of income in voluntary disclosure justifies imposing a penalty. The assessee was awarded costs assessed at Rs. 200. Case-Laws Income Tax Tue, 28 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27832