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2010 (8) TMI 641 - AT - Income TaxPenalty - Survey - Unaccounted income - Addition - Concealment of income - the basis for levy of penalty is return of income - The omission or commission or contumacious conduct has to be viewed from the return of income and if certain thing is not disclosed or not furnished therein only then it can be said that assessee has concealed the particulars of income or furnished inaccurate particulars of income - But where the AO accepts the income declared in the return of income then assessee cannot be charged for any contumacious conduct - The duty to disclose particulars of income arises at the time when assessee furnishes return of income under section 139 and if in filing his return he conceals the particulars of income or furnishes inaccurate particulars he incurs penalty under section 271(1)(c) - In the case of Patna Guinea House vs. CIT (1999 -TMI - 15241 - PATNA High Court) it is held that there is no case for levy of penalty if income is disclosed in the return of income but assessee has refused to disclose source of income - Accordingly decided in the favour of the assessee
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