No Penalty on Income declared in revised return filed within limitation period

Gajjan Singh Thind Vs ACIT (ITAT Chandigarh) The provisions of section 271(1)(c) of the Act are penal in nature and they are required to be strictly construed. These cannot be extended by way of liberal interpretation to include the cases, which otherwise, do not fall within the purview and scope of the provisions of section 271(1)(c) of the Act. In view of this, since the income of Rs.41,55,876/- has already been declared in the revised return, which was valid and filed within the limitation period prescribed for filing the same, hence, in view of our discussion made above, the penalty in res...