No penalty leviable when income assessed shown in income tax return
Court :
ITAT Ahmedabad
Brief :
The ITAT, Ahmedabad in the matter of the DCIT, Central Circle-1(1), Ahmedabad v. NBM Iron & Steel Trading Pvt. Ltd. [ITA No. 205/Ahd/2022, dated May 17, 2023]held that if an assessee during a survey surrendered his income and later showed that income in his regular income tax return, no penalty can be imposed on the assessee.
Citation :
ITA No. 205/Ahd/2022, dated May 17, 2023
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Bimal Jain
Published in Income Tax
Views : 324
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