No concealment penalty if income was voluntarily disclosed by assessee before its detection by AO, rules HC

Section 271(1)(c), read with section 80-IB, of the Income-tax Act, 1961 - Penalty - For concealment of income [Voluntary disclosures, effect of] - Assessment year 2001-02 - In assessment proceedings, Assessing Officer made addition in respect of duty drawback and dividend income received from foreign

companies and based upon said addition, penalty under section 271(1)(c) was imposed - Tribunal deleted penalty on finding that these amounts were offered to tax by assessee on its own and not after detection on part of Assessing Officer - Whether there was no infirmity in impugned order of Tribunal - Held, yes [Para 3] [In favour of assessee]

Refer:[2013] 40 taxmann.com 109 (Bombay)

HIGH COURT OF BOMBAY

Commissioner of Income-tax

v.

Blue Star Ltd.