No Section 271(1)(c) Penalty on Voluntary Income Disclosure: ITAT Visakhapatnam

Raghuram Hume Pipes Private Limited Vs ACIT (ITAT Visakhapatnam) Issue: ITAT Visakhapatnam order on Whether penalty u/s 271(1)(c) of IT Act can be levied on income voluntarily disclosed by the assessee in the return of income filed in response to notice u/s 148, which was based on disclosure made during the course of survey proceedings u/s 133A, when there is no independent evidence of concealment or furnishing inaccurate particulars of income Facts of the Case: 1. Business Activity: The assessee is engaged in executing contract works for Government Departments such as Irrigation, Public Heal...