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TMI Blog2011 (11) TMI 681X X X X Extracts X X X X X X X X Extracts X X X X ..... issue raised is fully covered by the decision of the Hon’ble Gujarat High Court in the case of CIT Vs. Mahendra C. Shah (Supra) followed by the Ld CIT(A), we are not inclined to interfere with the first appellate order in this regard. The same is upheld. - ITA No. 139/PN/2010 - - - Dated:- 30-11-2011 - Shri I.C. Sudhir, Judicial Member and Shri G.S. Pannu, Accountant Member For the Appellant by : Shri. S.K. Ambastha For the Respondent by : Shri Nikhil Pathak ORDER Per I.C. Sudhir, JM The revenue has questioned first appellate order on the following grounds : 1) The Lt. CIT(A) has erred in deleting the penalty levied u/s. 271(1)(c ) on the income declared u/s 153A as there is no express provision in the Act gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h is not disclosed in the return of income to be furnished before the expiry of the time prescribed in Section 139(1) and specified in the statement in the manner in which such income has been derived. The A.O observed further that the assessee has not specified in its statement u/s. 132(4) the manner in which such income had been derived even though in the return of income filed u/s. 153A , such income has been disclosed. He observed further that such income or transaction have not been recorded before the date of search in the books of account maintained by the assessee for such source of income. The Ld CIT(A) has deleted the addition after discussing the cases of the assessee as well as the A.O in its finding in para No. 5.2 and 5.3 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was conducted on Bothara group of cases on 22nd November 2006, the time for filing of return of income u/s. 139(1) for the A.Y. 2007-08 was still available. In the statements recorded u/s. 132(4) of the Act, the assessee had declared additional income of ₹ 10,00,000/- being income from water tanker supply business. In the return of income filed u/s. 153A, the assessee declared the total income consisting additional income of ₹ 10,00,000/- declared u/s. 132(4) of the Act. The A.O has assessed the total income of the assessee for the A.Y. by accepting the income returned without making any addition. The A.O has levied the penalty stating that the assessee cannot be given benefit of Explanation 5 to Section 271(1)(c ) of the Act a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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