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2011 (3) TMI 902 - AT - Income TaxPenalty u/s 271(1)(c) - Certified Provisional Trading P&L found-Credit side of P&L contravened with return of income - show cause issued for supression of income & rejecting books of account - Assessee agreed to additions- AO also initiated penalty proceedings under 271(1)(c)-Assesseee appealed - CIT(A) upheld penalty as surrender was not voluntary being confronted by the impounded documents during the course of survey - Held that:-In view the case of T.P. Indrakumar v. ITO (2009 -TMI - 76530 - KARNATAKA HIGH COURT), when the assessee on his own, in the wake of his need for avoiding further probe and scrutiny, offered this amount, it can be reasonably inferred that the assessee is obviously striking a balance to avoid a bigger liability or harsher consequences. Be that as it may, when the assessee had voluntarily offered the amount by way of income, there was nothing further for the authority to do when the authority is accepting it at its face value. - Thus appeal of assessee is allowed.
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