2019 (3) TMI 734

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.... profession. A survey operation was carried out u/s 133A of Act in the case of assessee on 12.01.2012. During the course of survey, assessee has disclosed additional income of Rs. 1,49,59,870/- for A.Y. 2012-13 and the aforesaid income was included in the return of income filed by the assessee on 13.08.2012 for A.Y. 2012-13. The case was taken up for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dt.05.11.2014 and the total income was determined at Rs. 2,18,19,100/-, after making adhoc disallowance of Rs. 1,42,642/- on account of certain expenditure being not verifiable. On the additional income disclosed during the survey action and which was included in the return of income, AO in the penalty order passed u....

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.... Section 271(1)(c) of the Act, It is trite law that the voluntary disclosure does not release the assessee from the mischief of penal proceedings. The law does not provide that when an assessee makes a voluntary disclosure of his concealed income, he had to be absolved from penalty." 3. Both the grounds being inter-connected are considered together. 4. Before us, Ld.D.R. took us through the assessment order and submitted that assessee had disclosed additional income of Rs. 149.59 lacs on the basis of alleged receipts which were not reflected in the books of accounts. He submitted that the income was declared by the assessee only on account of survey conducted u/s 133A of the Act and had the survey not been conducted, the assessee woul....