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TMI Blog2016 (1) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... therein the assessee had filed the second revised return after the assessment proceedings had begun, unlike the case in hand, where the proceedings under section 148 were yet to begin.The appeal is not admitted. - Decided against revenue - G. A. No. 3510 of 2015, ITAT No. 166 of 2014 - - - Dated:- 2-12-2015 - Soumitra Pal And Mir Dara Sheko, JJ. For the Appellant : Mr. P K Bhowmik, Adv For the Respondent : Mr. Avratosh Majumdar, Adv, Mr. Avra Mazumder, Adv JUDGMENT Soumitra Pal, J. The Department seeks admission of the instant appeal on the following substantial question of law: Whether on the facts and circumstances of the case the Learned Tribunal was justified in law in deleting the penalty under Section 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total income at ₹ 32,04,350/- which was accepted and the assessment was completed under section 143(3)/147 of the Act with an assessed total income of ₹ 32,25,090/-. After assessment was completed, penalty proceedings under section 271(1)(c) of the Act were initiated. In the said penalty proceedings, while imposing 100% tax on the said income it was held, inter alia, as under : I have considered the assessee s explanation as above. This explanation is not tenable because of the following reasons :- a) First of all, the issue regarding additional income of ₹ 30 lakhs arose only after detection of undisclosed investment made by the assessee during the course of survey operation u/s.133A of the I.T.Act, 1961. b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ustify initiation and subsequent levy of penalty u/s 271(1)(c). The appellant s disclosure followed up by filing revised return in fact reflects its bonafide intention as also the case for non-imposition of penalty. The A.O. in his order has imposed penalty simply by referring to the disclosure made in the course of Survey proceedings while ignoring the appellants plea for bona fide actions on one hand. On the other hand no factrs have been brought to establish the concealment of income independent of the Survey in the reassessment proceedings, which effectively had been initiated to regularize the revised Return filed by the assessee disclosing his additional income. While it may be true that had it not been for the Survey, the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y for the A.Y.2004-05 before issuing of notice u/s 148 of the Act. He has also paid self assessment tax and tax demanded after the assessment completed. Thus we agree with the proposition that the additional income has been shown in the revised I.T. return before issuing of notice u/s 148 of the I.T.Act and that on facts and circumstances of the case the assessee has neither furnished inaccurate particulars of income nor concealed the income during the financial year. In this regard we find that the ld.CIT(A) has placed reliance upon the decision of Hon ble Apex Court in the case of UOI vs Rajasthan Spinning and Weaving Mills in 224 CTR 1 (SC) . In this case it has been explained that levy of penalty is not automatic and that it is for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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