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2017 (7) TMI 1146 - ITAT MUMBAIPenalty u/s 271(1)(C) - additional income offered after search operations - Case of the assessee was covered u/s 153C - revised return of income on 31/12/2008 which was beyond statutory limit as provided in Section 139(5) - Held that:- As decided in the recent judgment of PCIT Vs. Neeraj jindal [2017 (2) TMI 1002 - DELHI HIGH COURT] The ‘concealment has to be in the return of income’ filed by the assessee. Revised return filed under Section 153A & 153C takes the place of the original return under Section 139, for the purposes of all other provisions of the act and accordingly, if the same has been accepted as such by the revenue, the penalty was not justified in view of the fact that return filed pursuant to Section 153C has to be looked at as a second chance to assessee to make good omission, if any, in the original return. Once AO accepts the revised return filed under Section 153C, the original return filed u/s 139 abates and become non-est. Further, it is trite to say that “concealment” has to be seen with reference to the return that it is filed by the assessee. Thus, for the purpose of levying penalty under Section 271(1)(c), what has to be seen is whether there is any concealment in the return filed by the assessee under Section 153C, and not vis-a-vis the original return under Section 139. - Decided in favor of assessee
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