Income Disclosure u/s 132(4) Not Concealed; No Penalty Imposed Per Section 271(1)(c) of the Income Tax Act.
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....Penalty u/s 271(1)(c) - assessment u/s 153A - addition was made on the basis of admission of additional income in the statement u/s 132(4) - admission is not akin to disclosure of money, bullion, jewellery or diary and income disclosed representing this statement is not to be considered as concealed income - no penalty....


TaxTMI
TaxTMI