No Section 271(1)(c) Penalty for Income Surrendered During Survey & Already Disclosed in ROI

ACIT Vs Nath Corporation (ITAT Jaipur) Survey Surrender Not Concealment – No Concealment in Return- ITAT Jaipur Deletes 271(1)(c) Penalties – Surrendered Income Already Disclosed in ROI Revenue filed three appeals against orders of CIT(A)  deleting penalties levied u/s 271(1)(c). In all three cases, survey u/s 133A was conducted on 09.12.2014, wherein excess stock of Rs.3.94 crore (Shri Nath Corporation), Rs.3.16 crore (Royal Jewellers) & Rs.3.38 crore (Shri Jitendra Kumar Agarwal) was found. Assessees surrendered these amounts as additional income for AY 2015-16 & included them i...