ITAT: Penalty not to be Imposed When Legal Heir Revises Return, Voluntarily Offers Income to Tax - (04 Oct 2017)
ITAT, Mumbai while quashing penalty proceedings against the legal heir of assessee where he revised the return and voluntarily offered the additional income to tax has held that in such cases, penalty under Section 271(1)(c) of IT Act, 1961 not leviable since the disclosure was bonafide & voluntary.
Tags : ITAT MUMBAI SECTION 271(1)(C) OF IT ACT 1961
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