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2013 (12) TMI 242 - AT - Income TaxPenalty imposed under section 271(1)(c) – In the assessment year 2006-07, originally return was filed showing a loss of ₹ 16,86,25,367 while the return under section 153A was filed on December 23, 2008 reducing the loss to ₹ 15,66,37,622 due to less claim of depreciation on the revised figures of capital work-in-progress as capitalised during the year - Held that:- Action under section 132 was taken against the assessee which led to reopening of the assessment. A notice under section 148 was served on him and pursuant thereto he filed revised returns of income for these assessment years showing higher income - The assessment orders were passed and the returns submitted were regularised under section 148 - Following CIT v. Suresh Chandra Mittal [1999 (7) TMI 34 - MADHYA PRADESH High Court] - The assessee had not surrendered at all - The had done so on the persistent queries made by the Assessing Officer - Once the revised assessment was regularised by the Revenue and the Assessing Authority had failed to take any objection in the matter - The declaration of income made by the assessee in his revised returns and his explanation that he had done so to buy peace with the Department and to come out of the vexed litigation could be treated as bona fide in the facts and circumstances of the case - Decided against Revenue.
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