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PCIT v. Yamunaji Corporation (2020) 424 ITR 369 (Guj) (HC)

S. 271(1)(c) : Penalty – Concealment- Survey – Before due date of filing of return- Amount disclosed in the return- Return accepted without additions- Levy of penalty is held to be not valid [ S.132, 133A ,139(1) ]

Dismissing the appeal of the revenue the Court held that the  Tribunal proceeded on the principle of law that when the assessee had disclosed the amount during the survey action under S.  133A and the amount was disclosed in the return of income filed under section 139(1) , there could not be any order of penalty under section 271(1)(c) . ( AY.2012-13)