No Penalty if Return After Survey u/s 133A is Accepted by A.O!

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Penalty imposition by assessing officer in a case selected for scrutiny after conducting survey u/s 133A is routine affair. However, times and gains , the Courts have come to rescue the assessee from such routine levy of penalty u/s 271(1)©  as it has been ruled by various courts that merely because the return was filed after a survey was conducted on the assessee , does not give right to assessing officer to impose penalty u/s 271(1)© of the Income Tax Act.Readers are already told in a separate post that the statement recorded during survey u/s 133A , which often used for initiating penalty proceeding, has no evidential value.

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