Sum unearthed during survey couldn't be deemed as concealed income without establishing its nature as such
IT: There is no presumption that amount unearthed during course of survey will automatically be considered as 'concealed income' rather in such a case, Assessing Officer has to establish nature of income as 'concealed income' before levy of penalty
IT: Where pursuant to survey operation, assessee filed its revised return offering additional income which was duly accepted and, moreover, Assessing Officer did not record any satisfaction in assessment order about concealment of income, in such circumstances, impugned penalty order passed under section 271(1)(c) deserved to be set aside
Regards
Prarthana Jalan
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