Penalty u/s 271(1)(c) cannot be imposed where declaration of income is bonafide & no irregularities found by AO

Brief of the Case ITAT Mumbai held In the case of Ami Estates Pvt. Ltd. vs. DCIT that the assessee has explained one to one nexus namely cash funds received from sale of Bangalore property, and its utilization for Pune property. The revised declaration of income so filed by the assessee was bonafide and voluntary and without detection of any irregularities found by the department. The return was revised with a view to co-operate the department and to buy peace and to avoid litigation. The disclosure was with a specific plea that no penalty proceedings be initiated u/s.271AAA or 271(1) (c). Con...