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TMI Blog2012 (11) TMI 496X X X X Extracts X X X X X X X X Extracts X X X X ..... forced to file revised returns and then pay tax as well as the interest for delayed payment of tax. All this was done prior to issue of notice u/s 148 or may be after the survey was conducted by the Income Tax Department. That by itself would not lead to a conclusion that there was concealment of income, as rightly held by the Tribunal - no substantial question of law which arise for consideration - in favour of assessee. - IT Appeal Nos. 5014 to 5016 of 2011 - - - Dated:- 8-8-2012 - N. Kumar and H.S. Kempanna, JJ. Y.V. Raviraj for the Appellant. S. Parthasarathi, P. Dinesh and H.R. Kambiyavar for the Respondent. JUDGMENT N. Kumar, J. - As the questions involved in all these appeals are one and the same and betwe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to show-cause why the penalty proceedings should not be initiated. In reply to the same, the assessee contended that there was no concealment involved as to additional income was found at the time of survey, except additional sales declared before the Central Excise authorities. 4. Secondly, he contended that he has filed revised returns upon the completion of the proceedings under the Central Excise Act. Not only he filed the revised returns, he has also paid taxes and interest payable thereon. Overruling the said objections, the additions were sustained. 5. Aggrieved by the said order, the assessee preferred an appeal to the Commissioner of Income Tax (Appeals), who confirmed the order and dismissed the appeal. It is against the sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2011] 330 ITR 93, where it has been held as under: "9. The law on the subject of treating a revised return of income as voluntary or otherwise is well- settled. Merely because a return is revised that fact by itself cannot lead to any presumption as to concealment in the original return of income, because legislature itself has provided for furnishing a revised return in case of any omission in the original return. Albeit such omission has to be inadvertent and bona fide. If the omission is intentional, the revised return cannot absolve an assessee. The fact that the Department has initiated certain inquiries per se would not be sufficient to treat the revised return as not being voluntary. This would depend on facts of each case consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , he is not liable to pay the penalty. 11. The suppression of turnover is different from the suppression of income. If there is suppression of turn-over, there is liability to pay excise duty. Merely because the excise duty is paid, there is no presumption that it leads to taxable income in the hands of the assessee. The tax under the Income Tax Act is payable for the income in excess of the limit prescribed under the Act. It is in this context, after the Settlement Commissioner under the Excise Act resolved the dispute between the parties, which waived the penalty, then whether he had income or not, he was forced to file revised returns and then pay tax as well as the interest for delayed payment of tax. All this was done prior to issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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