9911796707
TMI Blog2021 (3) TMI 457X X X X Extracts X X X X X X X X Extracts X X X X ..... being disclosed in the original return of income. Revised return was not filed in response to notice issued u/s.148 and therefore, the assessee cannot be held liable for furnishing in accurate particulars of income or for concealment of income as the income stands offered to tax in the revised return of income - We are not in agreement with the conclusion drawn by the ld. CIT(A) on this issue as assessee cannot be penalized where assessee suo-motto came forward and paid tax on the income which was omitted to disclose in the original return of income and was offered to tax in the revised return of income and especially the fact that notice u/s.148 by issue after filing of revised return. In view of these facts we set aside the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the assessee with three others co-owners for consideration of ₹ 67,23,000/- for which there was another agreement dated 08/04/2008 for consideration of ₹ 33,00,000/- only from the same vendors meaning thereby that the difference of ₹ 34,23,000/- was paid in cash by M/s. Gold Finch Jewellers Ltd., to the assessee and another co-owners. Consequently , the case of the assessee was re-opened by u/s.147 of the Act by issuing notice under section 148 of the act which was served on the assessee. Thereafter, statutory notice were duly issued and served on the assessee. The assessment was completed u/s.143(3) r.w.s.147 of the Act vide order dated 30/11/2012 at ₹ 10,13,680/-. In the revised return of income, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come and the due taxes were paid along with interest though the return was filed after survey was conducted on the purchaser on 28/03/2010 whereas the revised return was filed on 04/08/2011. In the assessment framed by the AO, the only disallowance made was ₹ 32,500 which was equal of 25% of the cost of improvement. In this case we note that no notice was issued u/s.148 prior to the filing of the revised return and thus, we note that assessee has voluntarily suo-motto filed the revised return of income and offered to tax whatever was left from being disclosed in the original return of income. In other words, the revised return was not filed in response to notice issued u/s.148 and therefore, the assessee cannot be held liable for furn ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
