9911796707
TMI Blog2023 (3) TMI 342X X X X Extracts X X X X X X X X Extracts X X X X ..... s. There was considerable delay in furnishing seized documents was also a reasonable cause in filing the Returns of Income. Without the above information, the assessee was not able to file the Returns of income within the stipulated time limit of 30 days of the receipt of the notice. Further the assessee also gone to the Settlement Commission, where his application for settlement of the case was admitted on 14.08.2014 is also a valid reasonable cause , which prevented the assessee from filing the Returns of income, in response to the 153A notices. On this count, the penalty levied u/s. 271F r.w.s. 273B is legally not valid. Therefore we hereby delete the penalties levied u/s. 271F of the Act. Assessee appeal allowed. - ITA Nos. 4, 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome as filed in the original Returns of Income. 2.1. The AO passed assessment orders u/s. 143(3) r.w.s. 153A of the Act dated 10.07.2017 wherein various additions/disallowances were made by the A.O. to the income returned for the respective assessment years as follows: (i) Rs.57,37,78,876/- as against returned income of Rs.1,66,45,230/- for AY 2010-11. (ii) Rs. 1,61,24,13,919/- as against returned income of Rs. 5,68,82,480/- for AY 2011-12 and (iii) Rs. 1,38,90,64,100/- as against returned income of Rs. 4,82,13,340/- for AY 2012-13. 2.2. Thereafter, the AO initiated the penalty proceedings u/s. 271F of the Act vide notice dated 27.02.2020 requiring the assessee to show cause as to why penalty u/s. 271F of the Act should not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red as to the Act ). The Penalty confirmed u/s 271B of the Act may kindly be deleted. 3. The ld. CIT(A) ought to have deleted the penalty of Rs. 5,000/- levied u/s. 271F of the Act. 4.1. Ld. Counsel for the assessee Mr. Mehul Ranpura submitted as follows: (a) The AO levied penalty u/s 271F of the Act on the ground that return of income for that year was furnished beyond the time prescribed in the notice issued u/s 153A of the Act. (b) In connection with the above, at the outset it is submitted that the provisions of section 271F of the Act are not at all applicable in the case of the appellant as the return filed was in pursuance to the notice issued u/s 153A of the Act which is a self-contained code in itself as is provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year is lacking in case if the provisions of section 271F is corelated/ applied to section 153A/153C of the Act. As a matter of fact, time for filing return of income for all assesses is prescribed in section 139(1) which is applicable to all for that particular year, whereas in case of provisions of section 153A/153C, the AO has liberty to give time up to 30 days. (e) Without prejudice to the above, it is submitted that the appellant has reasonable cause for the delay in filing the return of income in compliance with notice issued u/s. 153A of the Act. During the search u/s. 132 of the Act, various books of account, diaries, papers, etc. were found and seized. Seized materials were voluminous and pertaining to different group c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee s explanation pursuant to the search action u/s. 132 of the Act, various books of accounts, diaries, papers were seized by the Department which were voluminous and pertaining to different group concerns. Checking, cross checking and reconciliation of datas was a very lengthy process. Further there was considerable delay in furnishing seized documents was also a reasonable cause in filing the Returns of Income. Without the above information, the assessee was not able to file the Returns of income within the stipulated time limit of 30 days of the receipt of the notice. Further the assessee also gone to the Settlement Commission, where his application for settlement of the case was admitted on 14.08.2014 is also a valid reasonable c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
