Imposition of penalty solely on the basis of surrender not sustainable

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.  Kerala High Court Commissioner Of Income-Tax vs M. George & Brothers Date : 31 January, 1986 Equivalent citations: 1986 160 ITR 511 Ker Author: F Beevi Bench: P B Menon, M F Beevi JUDGMENT Fathima Beevi, J. 1. This reference under Section 256(2) of the Income-tax Act arises for the assessment year...