"31 January 1986" Archive

Imposition of penalty solely on the basis of surrender not sustainable

Commissioner Of Income-Tax Vs M. George & Brothers (Kerala High Court)

Hon'ble Kerala High Court in the case of CIT v. M. George & Bros. [1986] 160 ITR 511 held that where the assessee for one reason or the other agrees or surrenders certain amounts for assessment, the imposition of penalty solely on the basis of the surrender will not be well-founded....

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