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2018 (9) TMI 1921 - HC - Income TaxPenalty u/s 271(1)(c) - concealment of income or furnishing any inaccurate particulars - HELD THAT:- In the case of MAK Data P. Ltd. vs. Commissioner of Income Tax-II [2013 (11) TMI 14 - SUPREME COURT] there was no explanation by the assessee for the concealed income and in absence of any explanation in respect of the surrendered income, the Apex Court has held that the law does not provide that when an assessee makes a voluntary disclosure of his concealed income, he had to be absolved from penalty. The voluntary disclosure does not release the assessee from the mischief of penal proceedings and dismissed the appeal of the assessee. In the light of the law laid down by the Delhi High Court in the case of Suraj Bhan [2006 (4) TMI 107 - PUNJAB AND HARYANA HIGH COURT] has held that penalty levied is not justified because there was no concealment of income nor furnishing any inaccurate particulars thereof. The facts of the case in the case of MAK Data P. Ltd. (supra) is distinguishable and will not be applicable in the present facts and circumstances of the case. On due consideration of the aforesaid, it cannot be said that learned ITAT has not appreciated the evidence of the AO and the order passed by the Appellate Authority. In the case in hand, the return was revised much prior to the date of issuance of notice under Section 153-C of the Act. The AO has no-where recorded his satisfaction to the fact that the assessee has concealed the particulars of income or furnished any inaccurate particulars of such income. Thus, we are of the view that there is no illegality in the order passed by the learned ITAT nor any substantial question of law is arising in this appeal.
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