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2022 (8) TMI 747 - AT - Income TaxPenalty u/s 271(1)(c) - penalty imposed on the amount offered by the assessee in the return of income pursuant to survey - HELD THAT:- As the reported income and the assessed income of the assessee remain the same. The AO has imposed penalty only with reference to the amount 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. In view of the fact that the 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. Revenue Appeal is dismissed.
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