9911796707
TMI Blog1990 (9) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 appended to sub-section (1) of section 273A by the Taxation Laws (Amendment) Act, 1984, with effect from October 1, 1984 (which was omitted by the Finance Act, 1985, with effect from May 24, 1985), the petitioner purported to make a disclosure of his concealed unaccounted income before the Commissioner within 15 days of the said raid. He submitted revised returns within the said period in respect of the assessment years 1976-77 to 1985-86. Having filed the said returns, the petitioner applied to the Commissioner under section 273A to waive the penalties imposed upon him and placed strong reliance upon Explanation.2 aforesaid. This argument was rejected by the Commissioner by his order dated 17-3-1990, in the following words: "I think t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epted as filed by the petitioner, there may not be any room for holding that the petitioner had not made full and true disclosure of his income within the meaning of the said explanation. But, if the revised returns are not accepted and all the disputed income is included in one assessment year, i.e., 1985-86, there is no room for any argument of a full and true disclosure by the assessee. Moreover, it is necessary to clarify a certain aspect in this case. The petitioner applied for waiver of three types of amounts, namely, penalties imposed under section 271(1)(c), penalties imposed under section 273(1)(b) and the interest charged under section 217. Explanation 2 to sub-section (1) of section 273A of the Act applies only to penalties lev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest imposed under any provision other than section 271(1)(c). In the circumstances, we are of the opinion that the matter must go back to the Commissioner for reconsideration in the light of the position of law explained hereinbefore. There is yet another reason for remitting the matter to the Commissioner referred to hereinbefore. In paragraph 4.2 of his order, the Commissioner has stated that the revised returns filed by the petitioner for the aforesaid assessment years were accepted by the Income-tax Officer, but they were only protective assessments and cannot be taken to be a finding of the Assessing Officer that the disclosure is full and true. It is not clear whether ultimately the revised returns filed by the petitioner were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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