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2021 (10) TMI 1152 - ITAT PUNELevy of penalty u/s 271(1)(c) - return of income was filed belatedly - HELD THAT:- Admittedly, there is no variation between the returned income and assessed income. Though the return of income was filed belatedly, nevertheless it is return of income under the provisions of section 139 of the Act and the findings of CIT(A) that the penalty is not leviable u/s 271(1)(c) of the Act is based on correct appreciation of facts and law governing the levy of penalty in the facts of present case. It is settled position of law that the penalty u/s 271(1)(c) of the Act is leviable with reference to concealment in the return of income. See NA MALBARY AND BROTHERS [1963 (11) TMI 5 - SUPREME COURT] and ONKAR SARAN AND SONS [1992 (3) TMI 1 - SUPREME COURT] In the absence of any variation between returned income and assessed income, no penalty u/s 271(1)(c) of the Act can be levied. Hence, we do not find any merit in the appeal filed by the Revenue. Accordingly, the appeal filed by the Revenue stands dismissed.
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