https://www.taxtmi.com/caselaws?id=467469 Voluntary disclosure of additional income through a revised return accepted in assessment may not attract penalty for concealment or furnishing inaccurate particulars where detection proceedings were incomplete. Penalty under section 271(1)(c) is not exigible where the taxpayer surrendered income to buy peace, filed a timely revised return, and the additional income was accepted under scrutiny assessment. Concealment of income and furnishing inaccurate particulars are distinct grounds for penalty; levy requires a valid notice identifying the applicable ground. Absence of proper notice supporting either distinct limb prevents imposition of penalty. en-us Tue, 25 Feb 2025 00:00:00 +0530 Thu, 19 Mar 2026 19:02:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467469 Voluntary disclosure of additional income through a revised return accepted in assessment may not attract penalty for concealment or furnishing inaccurate particulars where detection proceedings were incomplete. Penalty under section 271(1)(c) is not exigible where the taxpayer surrendered income to buy peace, filed a timely revised return, and the additional income was accepted under scrutiny assessment. Concealment of income and furnishing inaccurate particulars are distinct grounds for penalty; levy requires a valid notice identifying the applicable ground. Absence of proper notice supporting either distinct limb prevents imposition of penalty. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467469