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2013 (7) TMI 92 - MADRAS HIGH COURTPenalty u/s 271(1)(c) - additional income shown in the Revised returns - Tribunal ordered that there was concealment of income under original returns warranting levy of penalty under Section 271(1)(c) - Held that:- Revised return was filed by the assessee offering an income under the head of capital gains - However, original return filed made no reference to the sale of shares at all and it merely indicated the salary income received by the assessee - Leaving aside the valuation on shares, there is hardly any indication as regards the transaction in shares, which, even accepting the assessee's case, had not been a loss - when confronted with the question on the source of funds on the investment made in mutual fund by the assessee's wife, the assessee took his opportunity first to file the revised returns to set his assessment in order - On the incorrectness of the returns originally filed, not disclosing the transaction in shares, the proceedings subsequent to the statement filed certainly indicates the conduct of the assessee. The fact that the assessee had filed revised returns and the same was accepted, by itself, however, does not efface the fact of non-disclosure of the income arising under the head of "capital gains" in the original return. In the background of this conduct, we do not find any acceptable ground to set aside the order of the Tribunal as held by the Apex Court in a series of decisions. - Following the decision of Union of India Vs. Rajasthan Spinning & Weaving Mills [2009 (5) TMI 15 - SUPREME COURT OF INDIA] - Decided in favour of Revenue.
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