Mere Voluntary Surrender of Income not absolves assesse from Penalty: Delhi HC

Pr. CIT Vs. Dr. Vandana Gupta (Delhi High Court) In the present case, the assessee merely made a voluntary surrender; she did not offer any explanation as to the nature of income or its source. The observations in MAK Data (supra) are that the authorities are not really concerned with the statement- whether voluntarily or otherwise and have to see whether there was any non disclosure of material facts, or income. The complete failure to furnish any details with respect to the income, which if given could have been the only reasonable basis for deletion of penalty, in the opinion of the court, ...