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TMI Blog2019 (1) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... precisely what has happened. By virtue of this explanation, therefore, penalty could be levied and the fact that in the assessment order, no additional income is assessed in assessment in response to the notice under Section 153A of the Act, would be of no consequence. The contention that there was no incriminating material found during such search which related to the income so declared, cannot be accepted in view of the clear findings of facts from the Tribunal - decided against assessee. - INCOME TAX APPEAL NO. 1081 OF 2016 INCOME TAX APPEAL NO. 1090 OF 2016 INCOME TAX APPEAL NO. 1092 OF 2016 INCOME TAX APPEAL NO. 1292 OF 2016 - - - Dated:- 9-1-2019 - AKIL KURESHI B.P. COLABAWALLA, JJ. Mr. Mihir Naniwadekar for the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty under Section 271(1) (c) of the Act which was challenged by the assessee. Commissioner (Appeals) reversed the penalty orders primarily on the ground that during search, no incriminating material or documents were found giving rise to the escaped income and under such circumstances, according to the Commissioner (Appeals), penalty could not have been imposed. 4. The Revenue carried the matter in appeal before the Tribunal. The Tribunal by the impugned judgment, allowed the Revenue's appeal and restored the penalty imposed by the Assessing Officer. The Tribunal referred to and relied upon the Explanation 5A below Section 271(1) of the Act. The Tribunal reversed the Commissioner's view that no incriminating material was foun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h and, - (a) where the return of income for such previous year has been furnished before the said date but such income has not been declared therein; or (b) the due date for filing the return of income for such previous year has expired but the assessee has not filed the return then notwithstanding that such income is declared by him in any return of income furnished on or after the date of search, he shall, for the purposes of imposition of a penalty under clause (c) of subsection (1) of this section, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income] 7. By virtue of this explanation, where any income based on any entry in books of account or other documents or tra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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