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2017 (5) TMI 347 - ITAT CHENNAIPenalty under Section 271(1)(c) - disallowance u/s 40A(2)(a) - revised ROI filled after survey operation - Held that:- It is an admitted fact that the assessee has filed revised return of income under Section 139(5) of the Act voluntarily disclosing all the income earned during the year under consideration. Other than the statutory disallowance of ₹ 5,43,708/- under Section 40A(2)(a) of the Act, the entire income disclosed by the assessee was accepted without any further addition. When the assessee has filed revised return within the statutory period, under Section 139(5) of the Act, this Tribunal is of the considered opinion that it cannot be said that the assessee has concealed any part of income or furnished any inaccurate particulars of income. The statutory provision allows the assessee to file revised return whenever there was omission to disclose the income which is otherwise taxable under the Income-tax Act. In this case, after the survey operation, the assessee found there was omission to disclose the income otherwise taxable under the Income-tax Act and accordingly filed revised return within the statutory period and offered the same for taxation. Therefore, this Tribunal is of the considered opinion that it is not a fit case for levy of penalty under Section 271(1)(c) of the Act. - Decided in favour of assessee.
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