Assessing Officer Ordered to Remove Penalty After Voluntary Income Disclosure; No Revenue Investigation Involved, Section 271(1)(C).

Assessing Officer Ordered to Remove Penalty After Voluntary Income Disclosure; No Revenue Investigation Involved, Section 271(1)(C). https://www.taxtmi.com/highlights?id=67736 Penalty u/s 271(1)(C) - the revenue may be technically correct in not considering the later return of income as a revised return but it cannot be denied that additional income was shown by the assessee himself and it is not the case of the revenue that they unearthed the additional income by carrying out investigations. - AO directed to delete the penalty imposed u/s 271(1)(c) under challenge - AT en-us Mon, 16 Jan 2023 08:42:20 +0530 Mon, 16 Jan 2023 08:42:20 +0530 TaxTMI RSS Generator Assessing Officer Ordered to Remove Penalty After Voluntary Income Disclosure; No Revenue Investigation Involved, Section 271(1)(C). https://www.taxtmi.com/highlights?id=67736 Penalty u/s 271(1)(C) - the revenue may be technically correct in not considering the later return of income as a revised return but it cannot be denied that additional income was shown by the assessee himself and it is not the case of the revenue that they unearthed the additional income by carrying out investigations. - AO directed to delete the penalty imposed u/s 271(1)(c) under challenge - AT Highlights Income Tax Mon, 16 Jan 2023 08:42:20 +0530 https://www.taxtmi.com/highlights?id=67736