No penalty for mere non-reflection of Income surrendered voluntarily in ITR

Sudhir Khandelwal Vs ITO (ITAT Delhi) In the present case, the assessee not only surrendered the income during the course of survey but also paid the tax thereon before filing the return of income. However, the assessee did not reflect the surrendered amount and tax paid thereon in the said return but when the mistake was pointed out, the assessee surrendered that income. It is well settled that the assessment proceedings and the penalty proceedings are two different and separate proceedings. Therefore, even when some addition is to be made to the income of the assessee, it is not always neces...