https://www.taxtmi.com/caselaws?id=38850 The High Court upheld the levy of penalties under section 271(1)(c) of the Income-tax Act, 1961 on a partnership firm despite its voluntary disclosure of concealed income amounting to Rs. 6 lakhs. The Court ruled that voluntary disclosure does not automatically absolve the assessee from penalties, which are imposed based on statutory provisions. The firm's request for minimal penalties or deferral was considered an acknowledgment of liability. The Court rejected the firm's argument that the disclosed sum was not actual income, affirming the justification for penalties. The department was awarded costs of Rs. 200. en-us Fri, 17 Aug 1973 00:00:00 +0530 Fri, 09 Apr 2010 17:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38850 The High Court upheld the levy of penalties under section 271(1)(c) of the Income-tax Act, 1961 on a partnership firm despite its voluntary disclosure of concealed income amounting to Rs. 6 lakhs. The Court ruled that voluntary disclosure does not automatically absolve the assessee from penalties, which are imposed based on statutory provisions. The firm's request for minimal penalties or deferral was considered an acknowledgment of liability. The Court rejected the firm's argument that the disclosed sum was not actual income, affirming the justification for penalties. The department was awarded costs of Rs. 200. Case-Laws Income Tax Fri, 17 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38850