No penalty on income surrendered in survey proceedings which was disclosed in return of Income

ITAT BANGALORE BENCH ‘B’ Vasavi Shelters versus Income-tax Officer, Ward 4(1), Bangalore IT APPEAL NOS. 499 & 500 (BANG.) OF 2012 [ASSESSMENT YEARS 2007-08 AND 2008-09] FEBRUARY 22, 2013 ORDER N.V. Vasudevan, Judicial Member These are appeals by the assessee against the common order dated 08.02.2012 of the CIT(Appeals)-II, Bangalore relating to assessment years 2007-08 and 2008-09. In these appeals, the assessee challenges the order of the CIT(Appeals) whereby he upheld the order of the AO imposing penalty on the assessee u/s. 271(1)(c) of the Act. 2. The fa...