https://www.taxtmi.com/caselaws?id=467469 Voluntary surrender of income by filing a revised return which is accepted before completion of detection proceedings negates liability for penalty under section 271(1)(c); the article explains that where the assessing officer accepts the surrendered income and assesses it, penalty is not exigible. It further clarifies that concealment and furnishing inaccurate particulars are distinct limbs and that initiation of penalty requires a valid notice addressing the specific limb relied upon; absence of a proper notice supporting levy undermines the penalty. Operative effect: accepted voluntary disclosures made during/after detection ordinarily preclude 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 surrender of income by filing a revised return which is accepted before completion of detection proceedings negates liability for penalty under section 271(1)(c); the article explains that where the assessing officer accepts the surrendered income and assesses it, penalty is not exigible. It further clarifies that concealment and furnishing inaccurate particulars are distinct limbs and that initiation of penalty requires a valid notice addressing the specific limb relied upon; absence of a proper notice supporting levy undermines the penalty. Operative effect: accepted voluntary disclosures made during/after detection ordinarily preclude imposition of penalty. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467469