https://www.taxtmi.com/caselaws?id=59431 The tribunal allowed both appeals, holding that penalties imposed under section 271(1)(c) of the IT Act for the assessment years 1993-94 and 1994-95 were not sustainable. It emphasized that surrendering income during a survey does not automatically indicate concealment. The tribunal found the penalties unjustified as similar facts in the assessment year 1995-96 did not attract penalties. Explanations by the assessee were disregarded, leading to the decision to delete the penalties for the mentioned years, providing relief to the assessee. en-us Thu, 30 Jun 2005 00:00:00 +0530 Fri, 27 Jul 2012 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59431 The tribunal allowed both appeals, holding that penalties imposed under section 271(1)(c) of the IT Act for the assessment years 1993-94 and 1994-95 were not sustainable. It emphasized that surrendering income during a survey does not automatically indicate concealment. The tribunal found the penalties unjustified as similar facts in the assessment year 1995-96 did not attract penalties. Explanations by the assessee were disregarded, leading to the decision to delete the penalties for the mentioned years, providing relief to the assessee. Case-Laws Income Tax Thu, 30 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59431