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TMI Blog2012 (11) TMI 928X X X X Extracts X X X X X X X X Extracts X X X X ..... as the material found during the course of survey indicating unaccounted receivables - neither explanation 5 to section 271(1)(c) was applicable nor was it a case where the assessee had not declared the surrendered income in the returned income within the due date – penalty deleted - TAX APPEAL No. 621 of 2011 - - - Dated:- 18-1-2012 - MR. AKIL KURESHI AND MS SONIA GOKANI JJ. Appearance: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent, this Tax Appeal is decided. It emerges from the record that the assessee filed its return of income which was taken in scrutiny and the assessment order under section 143(3) was passed where the Assessing Officer initiated penalty proceedings and ultimately levied penalty of amount Rs.31,97,700/-. This was challenged before the CIT(Appeals) which deleted the penalty. When challenged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 to section 271(1)(c) was applicable nor was it a case where the assessee had not declared the surrendered income in the returned income within the due date. There being no infirmity in the reasons given by the Tribunal, the issue requires no further meritorious consideration and the Tax Appeal is therefore, required to be dismissed. Accordingly, Tax Appeal is dismissed. - - TaxTMI - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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