Penalty u/s. 271(1)(c) not leviable for voluntary surrender of income in good faith: ITAT Hyderabad

Sarat Gopal Boppana Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that voluntary surrender of income in good faith cannot be considered as concealment of income. Hence, penalty u/s. 271(1)(c) of the Income Tax Act cannot be sustained. Facts- Assessee is an individual and derives income from capital gain and income from other sources. The assessee had filed his original return of income u/s 139(1) of the I.T. Act, 1961 on 30.08.2015 declaring total income of Rs.4,41,180/-. A search & seizure operation was conducted on the assessee as part of the search conducted on M/s. Skill Promoters Pvt. ...