No Penalty 271(1)(c) ITAT Chandigarh held that since the income has already been declared in the valid revised return (though after service of Summons issued by ADIT (inv.)) filed within the limitation period prescribed for filing the same therefore, the penalty u/s 271(1)(c) in respect of the aforesaid income declared is not leviable and the same is accordingly ordered to be deleted. Penalty u/s 271AAC can be levied only when there is an addition or disallowance and which it is deemed that he has evaded the payment of tax for computing the penalty so leviable. Smt. Parkash Kaur, Ludhiana vs ACIT
