ITAT Jaipur: No Penalty Even If Discrepancies Found During Survey - (17 Dec 2019)
DIRECT TAXATION
Income Tax Appellate Tribunal, Jaipur has ruled that even if some discrepancies were found during the survey resulting in surrender of income by the Assessee, once the Assessee has declared the said income in the return of income filed under Section 139(1) of the Income Tax Act, 1961 then the penalty cannot be levied on Assessee on contention that he would not have disclosed the income but for survey.
Tags : ITAT JAIPUR PENALTY
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