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2005 (5) TMI 51 - HC - Income TaxPenalty u/s 271(1)(c) - non-filing of revised return - "Whether Tribunal was justified in holding that because of the note left in return regarding cash compensatory support, the penalty under section 271(1)(c) is not leviable in the case in spite of an amendment to section 28 of the Income-tax Act by way of insertion of clause (iiib)?" – Revenue submitted that since the assessee did not file the revised return and hence, it must be presumed that a case of penalty is made out. We do not agree. The filing of the revised return has nothing to do so far as the claim in question is concerned. It was a case of disclosure in the return itself by way of note and secondly, the legal position being in favour of the assessee, there did not arise any occasion for the assessee to file the revised return. In any event, when the explanation offered by the assessee was acceptable, then their subsequent conduct in not filing the revised return could not be made basis for imposing the penalty.
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