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2022 (11) TMI 306 - AT - Income TaxLevy of penalty u/s 271(1)(c) - where the income with reference to which penalty was levied, was already included in the return of income - HELD THAT:- It is an admitted fact that the additional income declared during the course of survey operations was already included in the return of income under the provisions of section 139 - The Hon’ble Delhi High Court in the case of SAS Pharmaceuticals, in a case involving the identical facts held that no penalty could be imposed as there was no concealment or furnishing inaccurate particulars of income, as the assessee had made a complete disclosure in the return of income and offered the additional amount for the purpose of tax. We are of the considered opinion that it is not a fit case for levy of penalty u/s 271(1)(c). Accordingly, we uphold the order of the ld. CIT(A) deleting the penalty u/s 271(1)(c) - Thus, the grounds of appeal filed by the Revenue stand dismissed.
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