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2015 (1) TMI 1235 - AT - Income TaxPenalty u/s 271(1)(c) - difference in Long term Capital gains between the revised return and the original return - Held that:- In the instant case, the revised return of income was filed within the time prescribed u/s 139(5) of the Act. Even though the assessed filed the revised return of income after the receipt of notice u/s 143(2) of the Act, yet the admitted fact remains that the assessing officer did not seek any type of particulars in that notice. Hence the mistake in the Long term Capital gain could not have come to the notice of the AO at that point of time, meaning thereby, it should be construed that the assessee has declared the higher amount of Long term capital gain voluntarily upon its detection. Hence, we are unable to agree with the view of the tax authorities that the revised return of income was not voluntary one, but the assessee was constrined to enhance the Long term capital gain only upon the receipt of notice u/s 143(2) of the Act. Accordingly, we set aside the order of Ld CIT(A) on this issue and direct the assessing officer to delete the penalty levied on the enhanced Capital gain amount. - Decided in favour of assessee. With regard to the addition of ₹ 1,40,373/- made in the assessment order, we notice that the assessee has omitted to declare the same in the revised return of income also and no convincing explanation was given for the same. Hence we confirm the penalty levied on the above said amount. With regard to the balance amount, we have already noticed that the AO has failed to give the details of the same. Hence we restore the same to his file with the direction to reconsider the same after giving necessary details to the assessee.
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