2011 (5) TMI 999

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..... n, JM This appeal of the revenue is directed against the order of CIT(A)-IV, Ahmedabad dated 17-03-2009 and pertains to assessment year 2001-02 confirming the penalty levied u/s 271(1)(c) of the Income-tax Act, 1961. 2. Shri LD Bharti, the ld.DR submitted that the assessee filed the return of income declaring total income of ₹ 9,96,650 including the additional income of ₹ 9,25,000. .....

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..... losing an undisclosed income of ₹ 9,25,000. Since the income was disclosed consequent upon a search the assessee is entitled for immunity under Explanation 5 to section 271(1)(c) of the I.T. Act. The ld.representative placed his reliance on the judgment of the Madras High Court in the case of CIT vs SDV Chandru 266 ITR 175 (Mad). The ld.representative has also placed reliance on the judgment .....

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..... ve disclosed the income of ₹ 9,25,000. The fact remains that the assessee disclosed the income in the return filed in response to notice u/s 153A of the Act. Once the assessee disclosed the income in response to notice issued u/s 153A all pending proceedings shall stand abated and therefore, the income has to be computed only on the basis of return filed by the assessee u/s 153A of the I.T. .....

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