https://www.taxtmi.com/caselaws?id=422692 The court held that penalty under section 271(1)(c) of the Income-tax Act could not be imposed on income voluntarily declared during survey proceedings and included in the return without any additions or disallowances by the Assessing Officer. Relying on the Explanation to section 271(1), which applies penalties to added or disallowed income not offered in the return, the court concluded that the penalty imposed was not justified. As the reported and assessed income remained the same, except for minor expense disallowances, the penalty was deemed inappropriate, and the appeal was allowed, directing the deletion of the penalty. en-us Wed, 18 May 2022 00:00:00 +0530 Thu, 19 May 2022 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422692 The court held that penalty under section 271(1)(c) of the Income-tax Act could not be imposed on income voluntarily declared during survey proceedings and included in the return without any additions or disallowances by the Assessing Officer. Relying on the Explanation to section 271(1), which applies penalties to added or disallowed income not offered in the return, the court concluded that the penalty imposed was not justified. As the reported and assessed income remained the same, except for minor expense disallowances, the penalty was deemed inappropriate, and the appeal was allowed, directing the deletion of the penalty. Case-Laws Income Tax Wed, 18 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422692