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2015 (6) TMI 1081 - AT - Income TaxPenalty u/s. 271(1)(c)- Revenue seeks to treat the impugned on-money receipts admitted in the course of ‘search’ and declared in the return as concealment and furnishing of inaccurate particulars of income - Held that:- We reiterate that the ‘search’ is dated 06-01-2011 i.e. within the relevant accounting period. And the assesseWe reiterate that the ‘search’ is dated 06-01-2011 i.e. within the relevant accounting period. And the assessee’s return has come on 13-09-2011. The same stands accepted in the assessment framed therein. In these facts, we quote latest decision of hon’ble jurisdictional High Court in Kirit Dayabhai Patel vs. ACIT case [2015 (1) TMI 201 - GUJARAT HIGH COURT] holding that if no addition is made in furtherance to the post search return, the same has to be treated as the one filed u/s. 139 and no penalty is leviable in such a case. We deem it proper to observe that the section 271(1)(c) explanation 5A instead of explanation 5 applies to a search conducted on or after 01-06-2007. Be that as it may, the assessee has filed return admitting on-money receipts as its income. The deeming fiction of concealment stipulated therein is not attracted accordingly. We follow the hon’ble jurisdictional high court’s view and delete the impugned penalty. The assessee’s arguments on merits succeed.e’s return has come on 13-09-2011. The same stands accepted in the assessment framed therein. In these facts, we quote latest decision of hon’ble jurisdictional High Court in Kirit Dayabhai Patel vs. ACIT case Tax Appeal no. 1181 of 2010 with 1182 of 2010 to 1185 of 2010 decided on 03- 12-2014 holding that if no addition is made in furtherance to the post search return, the same has to be treated as the one filed u/s. 139 and no penalty is leviable in such a case. We deem it proper to observe that the section 271(1)(c) explanation 5A instead of explanation 5 applies to a search conducted on or after 01-06-2007. Be that as it may, the assessee has filed return admitting on-money receipts as its income. The deeming fiction of concealment stipulated therein is not attracted accordingly. We follow the hon’ble jurisdictional high court’s view and delete the impugned penalty. The assessee’s arguments on merits succeed.
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