No Penalty under 271(1)(c) if income is furnished to Tax Authorities at initial assessment stage

Ashvin Narayan Bajoria (HUF) Vs ITO (ITAT Surat) Recently the SMC Bench of Surat Income Tax Appellate Tribunal passed a judgement in the aforementioned case deleting the penalty levied by the Ld. Assessing Officer under section 271(1)(c) of the Act for concealment of income. The central point of discussion was whether or not penalty imposed by Ld. Assessing Officer u/s 271(1)(c) of the Act for concealing of income was justifiable in the light of the law, given that the assessee had furnished the additional income in the return of income filed in response to notice served u/s 148 of the Act. Is...