https://www.taxtmi.com/caselaws?id=355959 The Delhi High Court held that the Income Tax Appellate Tribunal (ITAT) erred in ruling that the penalty under Section 271(1)(c) was not applicable. The court emphasized that voluntary disclosure during a survey does not exempt an assessee from penalty if the income source is unexplained. It upheld the Assessing Officer's and Commissioner of Income Tax (Appeals)' decisions, stating that the revised return was an afterthought and justified the penalty. The appeal favored the Revenue without costs. en-us Tue, 20 Feb 2018 00:00:00 +0530 Thu, 22 Feb 2018 06:36:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355959 The Delhi High Court held that the Income Tax Appellate Tribunal (ITAT) erred in ruling that the penalty under Section 271(1)(c) was not applicable. The court emphasized that voluntary disclosure during a survey does not exempt an assessee from penalty if the income source is unexplained. It upheld the Assessing Officer's and Commissioner of Income Tax (Appeals)' decisions, stating that the revised return was an afterthought and justified the penalty. The appeal favored the Revenue without costs. Case-Laws Income Tax Tue, 20 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355959