No Penalty on Income disclosed during survey and also in return filed U/s. 153A

Alok Bhandari & Anr. Vs. ACIT (ITAT Delhi)

Levy of penalty has to be as per law applicable on the date of filing of the return and admittedly on 3-3-2009 when the return of income for assessment year 2006-07 was filed by the appellant, the unamended provisions of Explanation 5A to section 271(1)(c) of the Act were on the statute. The question whether there was concealment of income and/or furnishing inaccurate particulars thereof by the appellant in the return of income filed on the said date has to be seen vis-a-vis, law as ap

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