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2017 (12) TMI 878 - ITAT DELHIPenalty u/s 271(1)(c) - additional income on account of forfeiture of earnest money prior to the filing of revised return - Held that:- The Income Tax Department or Investigation Wing never asked the assessee about the alleged additional income on account of forfeiture of earnest money prior to the filing of revised return. Thus, the observation and the finding of the ld. CIT(A) while deleting the said additions are upheld, because at no point of time assessee was cornered by the Department which would compelled the assessee for filing of revised return. It was purely a voluntarily act and that to be it was a business income which was accounted for in the books of account for the subsequent year and assessee has merely shifted the taxability in this year; and hence; there could not be a remotest case for levy of penalty either for concealment of income or for furnishing of any inaccurate particulars. Accordingly, the appeal of the Revenue is dismissed.
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