No penalty on surrendered amount in revised Income Tax return

DCIT Vs Sushrut Institute of Plastic Surgery (P) Ltd (ITAT Lucknow) Concealment of particulars of income or furnishing of inaccurate particular of income by assessee has to be in income tax return filed by it. However, assessee had included the surrendered amount in its revised return. There was no such concealment or non disclosure as assessee had made a complete disclosure in income-tax return and offered the surrendered amount for purposes of tax. Therefore, no penalty under section 271(1)(c) could be levied. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the Revenue against the ...