9911796707
TMI Blog1990 (6) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... a fresh return admitting a total income of Rs. 2,50,000 soon after the survey was conducted at his house, there is no justification for levying interest and penalty. He places strong reliance upon the judgment dated February 6, 1990, by a Division Bench of this court in W. A. Nos. 102, 103, 109, 119, 120, 121, 126, 127 and 136 of 1989 (A. V. Joy, Alukkas Jewellery v. CIT [1990] 185 ITR 638), and contends that this is a case where there is voluntary disclosure and hence there is no justification for imposing the penalty and for imposing the interest. On behalf of the Revenue, senior standing counsel, Shri P. K. Ravindranatha Menon, contends that the petitioner is not entitled to any relief in this case because this is not a case of volunta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee. He also contends that Explanation 2 to section 273A of the Income-tax Act which was in force for the limited period from October 1, 1984, to May 24, 1985, is not applicable to the present case. The benefit of the deeming provision is not available to the appellant. Shri Menon also contends that, for the assessment year 1982-83, the appellant originally filed a return on January 17, 1983, declaring a loss of Rs. 4,976. Then, after a survey was conducted at his premises on February 6,1985, he filed the revised return showing a total income of Rs. 2,50,000. He filed the revised return on February, 19, 1985. Even according to his own version, he filed the revised return as he was forced to do it as a result of various defects and d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... losure of his income voluntarily. Explanation 2 to section 273A runs thus : "Explanation 2.- Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing belonging to person are seized under section 132 and within fifteen days of such seizure, the person makes a full and true disclosure of his income to the Commissioner, such person shall, for the purposes of clause (b) of this sub-section, be deemed to have made, prior to the detection by the Income-tax Officer of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, a disclosure of such particulars." The emphasis in this Explanation is on the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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