Tag: Voluntary surrender

Surrender of income due to recovery of documents during survey can not be said to be voluntarily. ITAT upheld penalty u/s 271(1)(c) ABCAUS Case Law CitationABCAUS 3472 (2021) (03) ITAT Important case law relied referred:MAK Data (P) Ltd. v. CIT (2013) 358 ITR 593(SC)Samson Maritime Ltd. 88 taxmann.com …

Cash surrendered during survey and added to WIP can not be disallowed u/s 68 as income was already declared in Trading account and it was a balancing entry-ITAT The appellant assessee had filed the instant appeal against the order of the CIT(A) contending that the Authorities below erred …

Voluntary surrender of income no defence for concealment penalty u/s 271(1)(c) unless explanation offered is found bona fide and all material facts are disclosed-High Court ABCAUS Case Law Citation: ABCAUS 2212 (2018) (02) HC The Challenge/Grievance: The present judgment involves the appeal filed by the Income Tax Department …