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Issues involved: Appeal against order of CIT(A) deleting penalty u/s 271(1)(c) for income disclosed in return filed u/s 153A of the Act for assessment years 2001-02, 2002-03 & 2005-06.
Summary: The appeal by the revenue challenged the deletion of penalty u/s 271(1)(c) by CIT(A) for income disclosed in returns filed u/s 153A of the Act for the mentioned assessment years. The assessee voluntarily disclosed additional incomes in response to notices issued u/s 153A after a search in their premises. The assessing officer imposed penalties, which were later deleted by CIT(A) based on Tribunal's precedent in a similar case. The ITAT Rajkot Bench, in line with previous decisions, upheld the deletion of penalties stating that once returns were filed u/s 153A, pending proceedings stood abated and income had to be computed based on those returns only. The Tribunal confirmed CIT(A)'s decision to delete the penalty, finding no infirmity in the lower authority's orders. Therefore, based on the consistent decisions of the Tribunal and the specific circumstances of the case, the ITAT upheld the deletion of penalties u/s 271(1)(c) for all the assessment years in question, as the assessee had disclosed the additional income in response to notices u/s 153A, and no further additions were made by the assessing officer. The appeals by the revenue were dismissed, and the order was pronounced in open court on 30-09-2011.
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