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2022 (12) TMI 1001 - ITAT AMRITSARPenalty u/s 271(1)(c) - addition was made on basis of undeclared short term capital gain for sale of property - observation made by the revenue during search - revised return was submitted and income was declared before issuance of notice u/s 153A - HELD THAT:- In annexure ‘A-21’ in search documents, the said property was not in the list. So it cannot be said the incriminating documents. The assessee revised its return and took the benefit of rectification is mistake apparent from the record. The revised return was submitted and income was declared before issuance of notice u/s 153A. As submitted by assessee the whole issue is depicted in a manner that the said income was declared during revised return before finding by the revenue. So, considering the revised return of the assessee there is no concealment of inaccurate particular of income. He relied on the order of the Coordinate Bench of the ITAT Jaipur. [2019 (3) TMI 2008 - ITAT JAIPUR] - Further the ld. Sr. DR has not able to produce any contrary judgment related to the submission of the ld. Counsel. Accordingly, the penalty levied by the ld. is quashed. - Decided in favour of assessee.
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