No penalty for Suo-Motto Disclosure of Income before detection by revenue

ACIT Vs Chandrakant G. Patel (ITAT Ahmedabad) Penalty u/s 271(1)(c) of the Act in the present case was levied on the assessee for failure to return income from sale of agricultural land, held as stock in trade, to tax. The charge of the Revenue being that the assessee had furnished inaccurate particulars of income to this effect. We do not find any infirmity in the order of Ld. CIT(A) who has, we find, after a careful consideration of the facts, which have remained uncontroverted and correct application of law, held that there was no furnishing of inaccurate particulars of income by the assess...