https://www.taxtmi.com/caselaws?id=413371 The court dismissed the Revenue's appeal, affirming the decisions of the CIT(A) and ITAT. It held that no penalty could be imposed under Section 271(1)(c) as the Assessee had disclosed the additional income in the return filed within the statutory period, and the books of account were not closed at the time of the survey. The court reiterated that the principles laid down in the case of PRINCIPAL COMMISSIONER OF INCOME TAX-3 vs. R UMEDBHAI JEWELLERS PVT. LTD were applicable to the present case, and thus, the penalty was rightly deleted. en-us Tue, 14 Sep 2021 00:00:00 +0530 Tue, 22 Feb 2022 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413371 The court dismissed the Revenue's appeal, affirming the decisions of the CIT(A) and ITAT. It held that no penalty could be imposed under Section 271(1)(c) as the Assessee had disclosed the additional income in the return filed within the statutory period, and the books of account were not closed at the time of the survey. The court reiterated that the principles laid down in the case of PRINCIPAL COMMISSIONER OF INCOME TAX-3 vs. R UMEDBHAI JEWELLERS PVT. LTD were applicable to the present case, and thus, the penalty was rightly deleted. Case-Laws Income Tax Tue, 14 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413371