https://www.taxtmi.com/caselaws?id=766494 ITAT Pune deleted penalty u/s 271(1) imposed on assessee for income disclosed during survey. Revenue contended assessee would not have disclosed business income and long-term capital gains without survey action u/s 133A. ITAT held that since assessee had paid sufficient advance tax before survey, return filing due date had not expired, and disclosed income was accepted without variation by AO u/s 143(3), penalty was unjustified. Appeal allowed. en-us Mon, 24 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766494 ITAT Pune deleted penalty u/s 271(1) imposed on assessee for income disclosed during survey. Revenue contended assessee would not have disclosed business income and long-term capital gains without survey action u/s 133A. ITAT held that since assessee had paid sufficient advance tax before survey, return filing due date had not expired, and disclosed income was accepted without variation by AO u/s 143(3), penalty was unjustified. Appeal allowed. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766494