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TMI Blog2020 (4) TMI 791X X X X Extracts X X X X X X X X Extracts X X X X ..... [ 2019 (12) TMI 908 - ITAT AHMEDABAD] - Delete the penalty imposed - Decided in favour of assessee. - ITA.No.1456/Ahd/2018 - - - Dated:- 4-3-2020 - Shri Rajpal Yadav, Hon ble Vice-President And Shri T.S. Kapoor Hon ble Accountant Member For the Assessee : Shri Nirmit Mehta, AR For the Revenue : Shri Vinod Tanwani, Sr.DR ORDER PER RAJPAL YADAV, VICE-PRESIDENT Assessee is in appeal before the Tribunal against order of ld.CIT(A)-12, Ahmedabad dated 23.3.2018 passed for the assessment year 2008-09. 2. Sole grievance of the assessee is that the ld.CIT(A) has erred in confirming the penalty of ₹ 2,22,058/- which was imposed by the AO under section 271(1)(c) of the Income Tax Act, 1961. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT Act in the regular course. However, while filing the return u/s 153A of the IT Act, the assessee had revised the claim to ₹ 40,20,000/- as against the original claim of ₹ 50 lacs thereby withdrawing the claim to the extend of ₹ 9,80,000/-. 4. He initiated penalty proceedings under section 271(1)(c) read with Explanation-5A, and thereafter imposed penalty of ₹ 2,22,068/-. Appeal to the CIT(A) did not bring any relief to the assessee. 5. The ld.counsel for the assessee at the very outset submitted that during the course of search no material was found exhibiting the fact that the assessee has made excessive claim under section 54F of the Act in his original return of income. The assessee himself has vol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 sub-section (1) of this section, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income.] 7. A perusal of the above Explanation would indicate that this Explanation could be invoked if during the course of search any incriminating material repr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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