https://www.taxtmi.com/caselaws?id=426508 The Tribunal affirmed the decision of the CIT(A)-8, Pune, by deleting the penalty of Rs.1,99,19,766/- imposed under section 271(1)(c) of the Income-tax Act, 1961. The penalty was related to additional income voluntarily declared by the assessee during a survey under section 133A, which was already included in the return of income. As no additions were made by the Assessing Officer and the disclosed income formed the basis for assessment, the penalty was deemed unjustified. The judgment emphasizes that penalties cannot be imposed on income already disclosed in the return without any additional amounts. en-us Tue, 16 Aug 2022 00:00:00 +0530 Wed, 17 Aug 2022 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426508 The Tribunal affirmed the decision of the CIT(A)-8, Pune, by deleting the penalty of Rs.1,99,19,766/- imposed under section 271(1)(c) of the Income-tax Act, 1961. The penalty was related to additional income voluntarily declared by the assessee during a survey under section 133A, which was already included in the return of income. As no additions were made by the Assessing Officer and the disclosed income formed the basis for assessment, the penalty was deemed unjustified. The judgment emphasizes that penalties cannot be imposed on income already disclosed in the return without any additional amounts. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426508