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2013 (11) TMI 411 - ITAT CHENNAIPenalty u/s 271(1)(c) / 271AAA - Concealed income - Held that:- There is no dispute that assessee had not filed returns of income within the time period allowed under Section 153(1) of the Act. The time period allowed under Section 153(1) is two years from the end of relevant assessment year. This is the time given for passing an assessment order. For the impugned assessment years, it is an admitted position that assessee had not filed any return of income within two years from the end thereof - Assessee had not filed here return within the time allowed under Section 139(1) or the extended time mentioned in Section 153(1) of the Act. There was a search in assessee's case when investments in immovable properties were detected. In the returns filed subsequent to the search, assessee disclosed income to cover the source of such investments - The amounts so shown by her as 'other income' was not a part of her regular accounts. Hence such amounts squarely came within the purview of concealed income - Sub-section (1) of Section 271AAA clearly mentions that said Section applies only to a specified previous year. Explanation (b) defines what is the specified previous year. Both the impugned assessment years does not fall within such definition. Relevant previous years were neither the year in which search was conducted, nor was an year to which time for filing return under Section 139(1) was still there. Decisions relied on by the ld. CIT (Appeals) to give relief to the assessee were entirely on different fact situation and not relatable to any case where Explanation 5A to Section 271(1) applied - Decided in favour of Revenue.
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