Voluntarily surrender of income can’t escape penalty if assessee deliberately not shown unaccounted income in return

Brief of the case: In the case of DCIT Vs. M/s Sunrise Stock Services P.Ltd. Chandigarh bench of ITAT reversed the order of CIT (A) who deleted the penalty made on estimation basis. It was allegation of AO that assessee voluntarily surrendered the addition and statement of the director was recorded. Finally ITAT have held that in the light of the statement of the Director recorded during the course of survey and ledger found against the assessee showing unaccounted commission earned by the assessee, clearly revealed that it is a fit case of levy of the penalty because the assessee has conceale...