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TMI Blog2015 (6) TMI 1081X X X X Extracts X X X X X X X X Extracts X X X X ..... 06-01-2011 i.e. within the relevant accounting period. And the assesseWe reiterate that the ‘search’ is dated 06-01-2011 i.e. within the relevant accounting period. And the assessee’s return has come on 13-09-2011. The same stands accepted in the assessment framed therein. In these facts, we quote latest decision of hon’ble jurisdictional High Court in Kirit Dayabhai Patel vs. ACIT case [2015 (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hon’ble jurisdictional High Court in Kirit Dayabhai Patel vs. ACIT case Tax Appeal no. 1181 of 2010 with 1182 of 2010 to 1185 of 2010 decided on 03- 12-2014 holding that if no addition is made in furtherance to the post search return, the same has to be treated as the one filed u/s. 139 and no penalty is leviable in such a case. We deem it proper to observe that the section 271(1)(c) explanation 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confirming penalty of ₹ 77,25,000/-, in proceedings u/s. 271(1)(c) of the Act. 2. Facts of the case are in a narrow compass. The assesseecompany builds and develops housing projects. The department carried out a search in case of its partner, Shri Paresh M Gajera. He would declare on- money receipts of ₹ 2.5 crores in respect of 295 flats @ ₹ 1000 per square feet collected i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by section 271(1)(c) explanation 5 immunity; it had not quantified separately the impugned on-money receipts from the individual members and its action amounted to concealment and furnishing of inaccurate particulars of income. He accordingly levied minimum penalty of ₹ 77,25,000/- in question qua the above-stated onmoney receipts of ₹ 2.5 crores. The CIT(A) has also confirmed the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dition is made in furtherance to the post search return, the same has to be treated as the one filed u/s. 139 and no penalty is leviable in such a case. We deem it proper to observe that the section 271(1)(c) explanation 5A instead of explanation 5 applies to a search conducted on or after 01-06-2007. Be that as it may, the assessee has filed return admitting on-money receipts as its income. The d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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