During survey any income surendered can assessing officer
This query is : Resolved
30 December 2015
can impose any penalty under section 271 a/b/c for survey case if assessee has been submitted his itr with surender income
02 January 2016
In such cases legally it is well withing powers of AO to levy penalty since it is only during survey that undisclosed income was found and accepted by the assessee. But sometimes there is understanding between the assessee and the AO that if income is surrendered in ITR and tax paid on it penalty will not be levied.
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