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TMI Blog2009 (3) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT Mrs. Manjula Chellur J.- 1. This appeal is filed by the Revenue under section 260A of the Income-tax Act, 1961 aggrieved by the orders passed by the Income-tax Appellate Tribunal, Panaji, in I. T. A. No. 817/Bang/1994 dated August 7, 2002, raising the following substantial question of law : "Whether the Tribunal was correct in deleting the penalty levied under section 271(1)(c) of the Act without the assessee discharging the burden under the Explanation which would entitle such a deletion by merely holding that the subsequent admission revised return and the co-operative attitude of the assessee was sufficient to delete the penalty ?" 2. It is not in dispute that the assessee in question-the respondent before us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act and also Explanation 5 and in particular clause 2 to Explanation 5 of section 271(1)(c). Section 271(1)(c) reads as under : 271. Failure to furnish returns, comply with notices, concealment of income, etc.-(1) If the Assessing Officer or the Deputy Commissioner (Appeals) or the Commissioner (Appeals) in the course of any proceedings under this Act, is satisfied that any person- . . . (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, or" Explanation 5 reads as under : "Where in the course of a search initiated under section 132 before the 1st day of June, 2007, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article or thing ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been acquired out of his income which has not been disclosed so far in his return of income to be furnished before the expiry of time specified in sub-section (1) of section 139, and also specifies in the statement the manner in which such income has been derived and pays the tax, together with interest, if any, in respect of such income." 4. By reading Explanation 5 it is definitely a search initiated under section 132 of the Act before June 1, 2007 as the date of search was October 9, 1988. The amendment to section 271 came to be brought in with effect from October 1, 1984. The present search was made much later than the amendment to the section. 5. Reading the entire Explanation 5 having reference to clause (2) the respondent-asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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