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2013 (7) TMI 524 - HC - Income TaxPenalty u/s 271- Whether the Tribunal was right in deleting the penalty levied by the AO levied by the u/s.271(1)(c) and the Tribunal has failed to appreciate the fact that the assessee filed revised return only after the case was selected for scrutiny and after issue of a questionnaire and as such, the additional income disclosed by the assessee in revised return was not voluntary - Held that:- There could be no penalty because the liability to penalty and filing of the revised return are mutually exclusive - court relied upon the decision of CIT v. Shankerlal Nebhumal Uttamchandani (2008 (3) TMI 309 - GUJARAT HIGH COURT) - reason given for filing revised return was that most of the business was looked after by his brother who was in a position to comply with the details and since he was no more in this world he opted to file revised return – tribunal is legally and factually correct in canceling the penalty and committed no error in deleting the penalty – appeal decided against revenue.
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