No penalty for income declared in original return filed within time U/s. 139(1) post Survey

DCIT Vs Dr. Ravindra Babasaheb Kadam (ITAT Pune)

The issue in the present ground is with respect to levy of penalty u/s 271(1)(c) of the Act. It is an undisputed fact that additional income of Rs.1.49 crores was offered by the assessee during the course of survey conducted on 12.01.2012. It is also a fact that aforesaid additional income was offered by the assessee in his return of income

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