2011 (9) TMI 1021

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..... 2010 pertaining to assessment year 2006-07 whereby the CIT(A) deleted the penalty levied u/s 271(1)(c) of the Act. 2. At the outset, the ld.AR submitted that the assessee disclosed the entire income in the return filed in response to notice issued u/s 153A of the Act and no addition was made by the assessing officer. Therefore, there is no question of levy of any penalty. On identical set of fa .....

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..... e without any further addition. The assessing officer initiated penalty proceedings u/s 271(1)(c) of the Act on the ground that the assessee himself has disclosed undisclosed income of ₹ 45,00,000. The fact remains that the undisclosed income is disclosed in the return filed in response to the notice issued u/s 153A of the Act. Once the assessee has filed the return of income consequent to t .....

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..... f Dy.CIT vs Avinash Ch.Gupta (supra). In view of the above discussion, in our opinion, the CIT(A) has rightly deleted the penalty levied by the assessing officer. We have no reason to interfere with the order of the CIT(A). Accordingly the same confirmed. 5. In the result, the appeal filed by the revenue is dismissed. Order pronounced in the open court on 28-09-2011. - - TaxTMI - TMITa .....

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