https://www.taxtmi.com/caselaws?id=435709 The penalty imposed under section 271(1)(c) for Assessment Year 2016-17, based on surrendered income during a survey under section 133A, was challenged. The Commissioner of Income Tax (Appeals) upheld the penalty, citing the assessee's failure to explain the source of the additional income disclosed during the survey. However, considering the voluntary disclosure without additions in the assessment and precedent set by a similar case, the penalty was deemed unjustified. The impugned order was set aside, and the penalty under section 271(1)(c) was deleted, as there was no variance between the return income and the assessed income. en-us Thu, 02 Mar 2023 00:00:00 +0530 Sat, 25 Mar 2023 08:47:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435709 The penalty imposed under section 271(1)(c) for Assessment Year 2016-17, based on surrendered income during a survey under section 133A, was challenged. The Commissioner of Income Tax (Appeals) upheld the penalty, citing the assessee's failure to explain the source of the additional income disclosed during the survey. However, considering the voluntary disclosure without additions in the assessment and precedent set by a similar case, the penalty was deemed unjustified. The impugned order was set aside, and the penalty under section 271(1)(c) was deleted, as there was no variance between the return income and the assessed income. Case-Laws Income Tax Thu, 02 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435709