No penalty under Section 271(1)(c) if income declared during search & seizure

Ramchandra Udaysingh Jadhavrao Vs ACIT (ITAT Pune) ITAT Pune Rules Against Penalty for Declared Income Post-Survey The Income Tax Appellate Tribunal (ITAT) Pune, in the case of Ramchandra Udaysingh Jadhavrao vs. ACIT, ruled that no penalty under Section 271(1)(c) of the Income Tax Act, 1961, can be imposed if income uncovered during a survey under Section 133A is voluntarily declared in the tax return. The case pertained to the assessment year 2016-17, where the appellant, a proprietor of M/s. JKG Developers, was subjected to a survey. During the survey, he admitted to undisclosed business inc...