https://www.taxtmi.com/caselaws?id=767069 ITAT Visakhapatnam held that penalty under section 271(1)(c) cannot be imposed when assessee voluntarily disclosed additional income during survey proceedings. The AO accepted the declared income and brought it to tax but imposed penalty based on assumptions that income would not have been admitted without the survey. The tribunal ruled that penalty cannot be levied on surmises and conjectures, requiring strict construction of penalty provisions. Since assessee made complete disclosure and surrendered the amount for taxation, there was no concealment or furnishing of inaccurate particulars warranting penalty imposition. en-us Fri, 07 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767069 ITAT Visakhapatnam held that penalty under section 271(1)(c) cannot be imposed when assessee voluntarily disclosed additional income during survey proceedings. The AO accepted the declared income and brought it to tax but imposed penalty based on assumptions that income would not have been admitted without the survey. The tribunal ruled that penalty cannot be levied on surmises and conjectures, requiring strict construction of penalty provisions. Since assessee made complete disclosure and surrendered the amount for taxation, there was no concealment or furnishing of inaccurate particulars warranting penalty imposition. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767069