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2015 (3) TMI 638 - AT - Income TaxPenalty levied u/s.271(1)(c) - revised return filed - CIT(A) deleted penalty levy - Held that:- As far as the question that whether the return was revised suo motu prior to any notice from the Revenue Department, we hereby hold that in the light of the evidences filed from the side of the Revenue in the form of paper book there was sufficient evidences that Revenue Department had issued notices prior to the filing of the revised return; therefore, merely on that ground penalty cannot be deleted. But on the other hand, we are of the view that in a situation when the quantum as disclosed in the revised return was not found to be incorrect or indicate the concealment of income and that the assessee further suffered losses therefore in one of the case an alternate tax procedure u/s.115JB adopted, we hereby hold that in all these cases it was not justified to hold that there was concealment of income on the part of the assessee. We have noted that the assessee has adopted the recourse of avoiding litigation, therefore, revised the return to buy peace of mind. We have also noted that merely on the basis of a third party statement the impugned action was taken against the assessee. There was no incriminating material recovered from the factory premises of the Assessee so as to establish that the particular income was deliberately concealed by the Assessee; hence under the totality of all those circumstances as discussed in detail hereinabove, we hereby confirm the findings of learned CIT(A), both legal as well as factual and dismiss the grounds of the Revenue. - Decided in favour of assessee.
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