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2017 (3) TMI 98 - ITAT VISAKHAPATNAMLevy of penalty u/s 271(1)(c) - disclosure of additional income consequent to survey operation - Held that:- The assessee has admitted additional income to cover up the deficiencies found during the course of survey. The assessee also filed revised returns in pursuance of survey admitting additional income disclosed during the course of survey. We do not find any merits in the findings of the A.O. that the assessee would not have disclosed true and correct income, unless survey had taken place. When the assessee has filed revised return disclosing income admitted during the course of survey, even though the said surrender of additional income was after persistent queries by the A.O., once the revised returns found regularized by the revenue, the explanations of the assessee that he has declared additional income to buy peace and to come out of vexed litigation could be treated as bonafide and penalty u/s 271(1)(c) of the Act cannot be levied. - Decided in favour of assessee
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