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2015 (12) TMI 1240 - AT - Income TaxPenalty u/s. 271(1)(c) - Held that:- As considered by the Hon'ble Supreme Court in the case of Mak Data (P) Ltd., Vs. CIT [2013 (11) TMI 14 - SUPREME COURT], there cannot be any surrender of income with a view to avoid litigation by peace and to channelise energy and resources towards productive working and to make amicable settlement with the Income Tax Department. Statute does not recognize those types of defenses in Explanation-I, Section 271(1)(c) of the Act. It is trite law that voluntary disclosure does not release assessee from mischief of penal proceedings. Law does not provide that when assessee returns a voluntary disclosure of his concealed income, he has to be absolved from penalty. As already stated, the penalty is levied with reference to original return of income and not with reference to the assessment made consequent to the disclosure by assessee. In view of this, uphold the order of penalty for the above reasons. - Decided against assessee.
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