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2016 (3) TMI 968 - AT - Income TaxPenalty under Sec.271(1)(c) - surrender of income in revised return - Held that:- The assessee filed revised return in time offering the additional income voluntarily in good faith to purchase peace with the Department, though in the course of investigation and to avoid protracted litigation. Thus, we see that it is a case of simply accepting the additional income by the assessee in the course of investigation and filing the revised return in time and to avoid protracted litigation as to in whose hands the addition is to be made whether assessee or the AOP and in which the case, the ratio of the decision of Hon’ble Supreme Court Zin the case of CIT Vs. Suresh Chandra Mittal reported in [ 2001 (6) TMI 63 - SUPREME Court] will apply. Thus following the said decision, we hold that there is no concealment of income. Thus we direct the ld. Assessing Officer to delete the penalty levied under Sec.271(1)(c) of the Act.- Decided in favour of assessee
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