Penalty for concealment in case of survey nad 132(4) equally

This query is : Open

CA Hemlata Saini (Querist)
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13 January 2011 there was survey conducted at the hospital (assessee is a company- a hospital).
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.

But A.O. initiated Penalty proceedings against assessee.

Please give reference of case laws to avoid penalty.

I proud the our CA club experts.

CA Hemlata Saini

CA Hemlata Saini (Querist)
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Guest (Expert)

14 January 2011 Please confirm whether the penalty proceeding u/s 271(1)(c)was initiated for the disclosure of Rs. 50.00 Lakhs only or there are other additions and issues also?

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CA Hemlata Saini

CA Hemlata Saini (Querist)
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14 January 2011 penalty is initiated on Rs 50 lacs only!

Guest

Guest (Expert)

14 January 2011 No, no penalty can be levied u/s 271(1)(c) for the ncome disclosed in the return of income and it does not make any difference that this disclosure was in consequent a survey proceeding.

CA Hemlata Saini

CA Hemlata Saini (Querist)
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15 January 2011 I agrre!

But please quote cases for reference