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TMI Blog2003 (2) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... ed during the search operations and is not the subject matter of the seizure. Hence, as per the Board circular No. 423 the assessee is entitled to the benefit of the amnesty scheme. In that view of the matter, we are of the opinion that the Tribunal was justified in confirming the order or the Commissioner of Income-tax (Appeals) and holding that no penalty was leviable upon the assessee. - - - - - Dated:- 25-2-2003 - Judge(s) : S. H. KAPADIA., J. P. DEVADHAR. JUDGMENT The judgment of the court was delivered by J.P. DEVADHAR J.-Challenging the order of the Income-tax Appellate Tribunal dated December 8, 2000, the Revenue has filed the present tax appeal under section 260A of the Income-tax Act, 1961, raising the following substan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jars to be capitalised at Rs. 92,607. The assessment under section 143(3) of the Income tax Act was completed on March 27, 1986, on a total income of Rs. 19,43,870. In the penalty proceedings initiated under section 271(1)(c) of the Income tax Act, the Assessing Officer held that the revised return filed on March 25, 1986, could not be said to have been filed under the amnesty scheme as the said revised return was filed after the date of search on July 16, 1985, under section 132 of the Income-tax Act. The Assessing Officer held that the revised return of income was filed only after the detection of the concealed income by the Department in the proceedings initiated under section 132 of the Income tax Act. Accordingly, the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o discrepancy was noticed by the search party regarding the transaction recorded or not recorded by the assessee in its books of account. It is also held by the Commissioner of Income-tax (Appeals) that the income detected in the course of section 132(5), order is separately being considered for the assessment year 1986-87 onwards. Moreover, the answer to question No. 201 contained in the Board Circular No. 423, clearly shows that the assessee can make a declaration under the amnesty scheme in respect of an asset which is not the subject matter of the seizure. In the present case', the undisclosed income disclosed in the revised return filed by the assessee was not noticed during the search operations and is not the subject matter of the se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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