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No penalty when bank deposit was disclosed in revised return prior to initiation of reassessment proceedings

March 18, 2017[2017] 79 102 (Mumbai - Trib.)/[2017] 163 ITD 617 (Mumbai - Trib.)

IT : Where assessee declared certain amount deposited in bank by filing a revised return prior to initiation of reassessment proceedings, merely because tax evasion petition was filed against assessee family earlier did not mean that he had concealed income or furnished inaccurate particulars of income and, thus, impugned penalty order passed under section 271(1)(c) was to be set aside

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