Income Tax Penalty cannot be levied on Voluntarily Surrendered Income during Survey: ITAT [Read Order]

Income Tax Penalty - levied - Voluntarily surrendered Income - Survey - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the income tax penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied on assessee since he surrendered the undisclosed income during survey. The department found that the reported income and the assessed income of the assessee remain same except for…

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