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TMI Blog2017 (3) TMI 1260X X X X Extracts X X X X X X X X Extracts X X X X ..... were aware that at all times the income offered for tax was only on estimated basis. In the above view, the view taken by the impugned order of the Tribunal in the facts of this case is a reasonable view. The respondent assessee could not forecast the result of its appeal before the Tribunal and filed its return of income on the basis of determination of income by the Tribunal in the future. Both the CIT(A) and the Tribunal have came to a concurrent finding of fact that there was no furnishing of inaccurate particulars and / or concealment of income on the part of the respondent assessee. - Decided in favour of assessee - Income Tax Appeal No. 1679-1680 of 2014 - - - Dated:- 20-3-2017 - M. S. Sanklecha And A. K. Menon, JJ. Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143(3) r/w 147 of the Act, the Assessing Officer determined the total income for Assessment Year at ₹ 64.24 lakhs as against the returned loss of ₹ 8.26 lakhs and for Assessment Year 2003-04 passed under Section 143(3) of the Act at ₹ 68.36 lakhs as against returned loss of ₹ 7.44 lakhs. 5. Being aggrieved, the respondent assessee filed appeals from both the aforesaid orders dated 14th February, 2006 to the Commissioner of Income Tax (Appeals) [CIT(A)] but without success. Thereafter, the respondent filed an appeal to the Tribunal. However, when the appeals from the two orders dated 14th February, 2006 passed under Section 153A r/w Section 147 of the Act were pending before the Tribunal, a search action was initia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Assessment Years 2002-03 and 2003-04 under Section 143(3) r/w Sec. 153A of the Act on 9th December, 2010. 7. Thereafter, the Assessing Officer commenced penalty proceedings under Section 271(1)(c) of the Act on the ground that the respondent assessee had failed to furnish truly and correctly its income at the time of filing return of income under Section 153A of the Act. The respondent assessee pointed out to the Assessing Officer that till such time as the Tribunal decided the issue on 30th July, 2009, the respondent assessee had not accepted the estimation made by the Assessing Officer and therefore, the return of income filed consequent to the notice under Section 153A of the Act was on the same basis on which the regular return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal. The impugned order further records that the income was being determined on an estimated basis, to the knowledge of all concerned. In such circumstances, there could be no inference drawn of concealment of income or filing of inaccurate particulars, in the absence of the same being specifically pointed out by the Revenue. In the above view, the appeal of the Revenue was dismissed. 10. The grievance of the Revenue before us was that in the return of income filed consequent to the notices issued under Section 153A of the Act for both the assessment years, the respondent assessee had not declared its estimated income at 5% of the recoveries for the subject assessment years. Thus, penalty was imposable. 11. We note that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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