No penalty on income disclosed in revised After receipt of Reassessment Notice

Pankajkumar Babulal Tiwari Vs ACIT (ITAT Amhadabad)

Asessee under the bona fide belief not offered income on receipt from LIC in original return however rectified the same while filing the return under section 148 of the Act. The assessee also paid due tax on such receipt even before issuance of notice under section 148 of the Act. Thus, there was no will full attempt of the assessee to conceal his income. Therefore, I hereby set aside the finding of the learned CIT(A) and direct the AO to delete the penalty imposed by him.

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