9911796707
TMI Blog2015 (8) TMI 558X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee, feeling aggrieved by the order, dated 17.09.2002, passed by the Income Tax Appellate Tribunal, Visakhapatnam in I.T.A.No.640/H/97 referable to the assessment year 1995-96. The appellant is the Proprietor of a private educational institution, established at Vijayawada. He is an assessee under the Income Tax Act (for short 'the Act'). For the assessment year in question, he file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating the circumstances under which the revised return had to be filed. The explanation was not accepted and an order was passed imposing the penalty of Rs. 73,578/-. An appeal was filed before the Commissioner (Appeals) aggrieved by the order of penalty. The Commissioner allowed the appeal through order, dated 28.01.1997 taking the view that there was no justification for levying the penalty in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase peace and to avoid a delicate situation before the competitors in the field, the appellant filed a revised return showing the income, after deducting the expenditure. That was accepted. Here itself, it needs to be mentioned that though the Department pointed out that even after the revised return was filed, a sum of Rs. 5,30,790/- was not included, ultimately, an order under Section 143(3) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter at that. It would expose the assessee to prosecution also by treating him as an economic offender. An assessee can be made to suffer such far reaching consequences, if only facts of the case support, and it emerges that the assessee had a clear intention to suppress the income. We do not find such elements in the instant case. The appeal is accordingly allowed and the order of the Tribunal is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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