https://www.taxtmi.com/caselaws?id=775298 The ITAT Jodhpur held that penalty under section 271(1)(c) for furnishing inaccurate particulars of income was not sustainable where the assessee voluntarily disclosed additional income in returns filed u/s 148 before assessment completion. No incriminating evidence of concealment or bogus transactions was found, and expenses were supported by internal vouchers and regular books. The AO accepted revised returns without adverse inference. Reliance on SC and HC precedents established that mere surrender of income or disallowance without proof of concealment does not attract penalty. Absence of AO's satisfaction on concealment or inaccuracy further vitiated penalty proceedings. Consequently, penalty under section 271(1)(c) was set aside for all assessment years and the assessee's appeal was allowed. en-us Mon, 02 Jun 2025 00:00:00 +0530 Wed, 23 Jul 2025 08:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775298 The ITAT Jodhpur held that penalty under section 271(1)(c) for furnishing inaccurate particulars of income was not sustainable where the assessee voluntarily disclosed additional income in returns filed u/s 148 before assessment completion. No incriminating evidence of concealment or bogus transactions was found, and expenses were supported by internal vouchers and regular books. The AO accepted revised returns without adverse inference. Reliance on SC and HC precedents established that mere surrender of income or disallowance without proof of concealment does not attract penalty. Absence of AO's satisfaction on concealment or inaccuracy further vitiated penalty proceedings. Consequently, penalty under section 271(1)(c) was set aside for all assessment years and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775298