ITAT deletes Penalty since Assessee Voluntarily surrendered Income [Read Order]

der]The Kolkata bench of ITAT has recently held that penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied in the case where the assessee surrendered the income voluntarily during the course of the assessment. The assessee was aggrieved by the action of the income tax department imposing section 271(1)(c) penalty of […]

from Taxscan | Simplifying Tax Laws https://ift.tt/2DlSXzd