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2012 (12) TMI 320 - ITAT INDOREPenalty u/s 271(1)(c) - bogus entries for purchases and sales of shares - income offered for taxation only after issuing notice u/s 148 - Held that:- Assessee in the original return of income has filed details of long term capital gain from sale of shares of M/s Robinson Limited were disclosed by the assessee. However, some additional documents as required by the AO could not be produced due to non-cooperation of M/s Robinson Limited, therefore, the assessee filed revised return on 22.5.2008 in which the income declared under the head long term capital gain was offered as normal income. The assessee also paid due taxes and interest thereon. As decided in CIT Versus Guru Ram Dass Fruit And Vegetable Agency [2001 (12) TMI 60 - PUNJAB AND HARYANA HIGH COURT] if the revised return is filed after investigation started but before issue of notice u/s 148 then no penalty is leviable - As in the present case assessment was framed wherein income offered in the revised return was accepted by the department without making any further addition. Notice u/s 148 was issued by the AO on 11.2.2010 i.e much after filing of the revised return, thus is not a fit case for levying the penalty u/s 271(1)(c) - in favour of assessee.
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