TMI BlogLevy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss -...Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss - Assessee offered the loss voluntarily to avoid litigation and requested the Assessing Officer to not initiate penalty proceedings u/s 271(1)(c), paid the tax due and challan copy is enclosed. No appeal is filed. - Documents submitted by assessee have not been held as false either by the AO during the assessment proceeding or during penalty proceeding. - No penalty - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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