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2013 (2) TMI 121 - HC - Income TaxPenalty u/s 158BFA (2) - search and seizure u/s 132 in the case of appellant's wife at her premises - Block assessment under section 158 BC completed - Held that:- Appellant has not filed the return within the meaning of clause (1) to the proviso. The return filed being 'Nil' return, he cannot also lay store by the revised return filed earlier. The law is very clear that the party seeking protection from the penalty must file return pursuant to notice under section 158 BD. Appellant concedes that 'Nil return filed does not satisfy the proviso. On a perusal of the provisions contained in the proviso, it is clear that requirements which are to be satisfied are cumulative. The law contemplates that on receipt of notice under section 158 BD, the party must file return disclosing the income. He must pay the tax or he must offer that the money seized may be adjusted against the tax payable. He must provide the evidence for tax paid along with the return in clause (iii). Also notice the presence of the word 'and' after clause (iii) which is followed by clause (iv) which deals with the last of four requirements to be fulfilled by the assessee, namely, that he should not appeal the assessment of that part of income shown in the return. The provisions of clause (iv) clearly indicate that he must not file any appeal against that part of income which is shown in the return. This signifies that the assessee must indeed file a return and not a 'Nil' return and that all the clauses must be fulfilled. Therefore,there is no merit in the appeal - against the asseessee.
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