Section 271(1)(c) Penalty not sustainable if failure in Disclosure of Income was unintentional

Shri Himanshu Prafulchandra Varia Vs DCIT (ITAT Ahmedabad) We find merit in the contention of the Ld. Counsel for the assessee that the failure to disclose the income was by mistake and not deliberate and the assessee had in fact come clean during assessment proceedings before the Revenue authorities even before detection by the Revenue. In fact, the facts on record reveal that the assessee could not have possibly disclosed this income in its return originally filed since the survey action, during the course of which the income was surrendered, took place subsequent to the filing of return of ...