No Penalty on Income surrendered with condition that no penal action shall be taken

If assessee surrenders an amount with a condition that no penal action shall be taken, to avoid further litigation and to buy peace, no penalty u/s. 271(1)(c) can be imposed

IN THE ITAT DELHI BENCH ‘I’

Income-tax Officer

v.

Rakesh Kumar Gupta

IT APPEAL NO. 2690 (DELHI) OF 2009

[ASSESSMENT YEAR

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