No Section 271(1)(c) penalty leviable when income assessed shown in return

DCIT Vs NBM Iron & Steel Trading Pvt Ltd (ITAT Ahmedabad) In the case of DCIT vs. NBM Iron & Steel Trading Pvt. Ltd. [ITA No. 205/Ahd/2022, dated May 17, 2023], the ITAT, Ahmedabad held that if an assessee voluntarily declares income during a survey and later includes it in their regular income tax return, no penalty under Section 271(1)(c) can be imposed. ITAT held that taxpayer had accurately disclosed the surrendered income, making the penalty unjustifiable. Facts: M/s. NBM Iron & Steel, Trading Pvt. Ltd. (“the Respondent”) is engaged in the business of ship breaking. The Re...