PCIT v. Dr. Vandana Gupta ( 2018) 163 DTR 361/ 301 CTR 460 (Delhi)(HC)

S. 271(1)(c): Penalty –Concealment -Voluntary surrender of income after survey by filing a revised income does not save the assessee from levy of penalty for concealment of income in the original return if there is no explanation as to the nature of income or its source. Deletion of penalty was held to be not justified [ S. 133A ]

Allowing the appeal of the revenue the Court held that ; Voluntary surrender of income after survey by filing a revised income does not save the assessee from levy of penalty for concealment of income in the original return if there is no explanation as to the nature of income or its source. Deletion of penalty was held to be not justified .( ITA No. 291 of 2017, dt. 20.02.2018)