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2022 (6) TMI 516 - AT - Income TaxPenalty u/s 271(1)(c) - Additional income declared during the survey u/s 133A - Penalty imposed as assessee would not have offered its income if the survey had not taken place - CIT-A deleted the penalty - HELD THAT:- As reported income and the assessed income of the assessee remain the same. The AO has imposed penalty only with reference to the amount of Rs.1.50 crore which was suo motu declared by the assessee in the return. In that view of the matter, the ratio laid down in MAK data Pvt. Ltd. [2013 (11) TMI 14 - SUPREME COURT] has no application to the facts of the extant case as the income under consideration, forming the foundation for the penalty, is not the one which was added by the AO beyond the income returned. Assessee voluntarily offered the income, declared in the survey, in the return of income and the assessment was made without making any addition on that score, we hold that such an income cannot constitute the bedrock for the imposition of penalty u/s.271(1)(c) of the Act. We, therefore, affirm the impugned order - Decided in favour of assessee.
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