https://www.taxtmi.com/caselaws?id=423675 The Tribunal dismissed the appeal, affirming the deletion of the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961. The penalty was based on income voluntarily declared during a survey, with no addition by the Assessing Officer. The Tribunal emphasized that the penalty provision applies when there is an addition to the declared income, distinguishing between reported income and assessed income. The decision highlighted that penalty under section 271(1)(c) is not applicable solely on voluntarily declared income without any addition during assessment. en-us Thu, 09 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423675 The Tribunal dismissed the appeal, affirming the deletion of the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961. The penalty was based on income voluntarily declared during a survey, with no addition by the Assessing Officer. The Tribunal emphasized that the penalty provision applies when there is an addition to the declared income, distinguishing between reported income and assessed income. The decision highlighted that penalty under section 271(1)(c) is not applicable solely on voluntarily declared income without any addition during assessment. Case-Laws Income Tax Thu, 09 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423675