Wednesday 16 October 2013

No concealment penalty if assessee discloses income and files return consequent to survey under sec.

IT : Where assessee consequent to survey conducted under section 133A had declared income from business at Rs. 81 lakhs and further in return of income filed also declared said income, which was accepted and brought to tax, Assessing Officer was wrong in imposing penalty under section 271(1)(c)


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