No Penalty if Assessee voluntarily & bona fidely declare its income

ITAT DELHI BENCH ‘SMC’ Vaish Degree College Trust Versus Assistant Commissioner of Income-tax Income Tax Appeal Nos. 4538 To 4543 (Delhi) Of 2011 [Assessment Years 2003-04 TO 2008-09] Date of Pronouncement – 28.09.2012 ORDER 1. These appeals filed by the assessee are against the order dated 21-07-2011 of the Ld. CIT(A), Muzaffarnagar for AYs 2003-04 to 2008-09. 2. In these appeals, the issue is regarding penalty u/s 271(1)(c). Except for the amount of penalty, the facts are identical in all the AYs under consideration. Therefore, I refer to the facts as obtaining...