Surrender of income to buy peace of mind is plausible explanation to avoid penalty for concealment

HIGH COURT OF ALLAHABAD Bajrang Glass Emporium Versus Commissioner of Income-tax, Agra IT APPEAL NO. 5 OF 1999 JANUARY 9, 2013 JUDGMENT 1. The present appeal has been filed under Section 260-A of the Income-tax Act, 1961, hereinafter referred to as “the Act” against the order dated 17th November, 1998 passed by the Income Tax Appellate Tribunal, Agra Bench, Camp at Delhi. The appeal has been admitted vide order dated 30th August, 2000 on the following substantial question of law. “Whether on the facts and in the circumstances of the case, the Tribunal is lega...