No Section 271(1)(c) Penalty when No Concealment In ITR

Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai) We find that on perusal of page 10 read with page 13 of the factual paper book filed by the assessee comprising of the profit and loss account for the year ended 31/03/2009 and the schedule for the other income thereon, the sum of Rs.3 Crores has been disclosed by the assessee exclusively as income declared under survey under the head ‘other income’. This itself goes to prove that the assessee had duly recorded that income offered in the survey in its books of accounts. We find that this sum of Rs 3 crores was also duly offered to tax by the as...