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2015 (10) TMI 2319 - AT - Income TaxLevy of penalty u/s. 271(1)(C) - undisclosed income which was disclosed by the Assessee and accepted by the Return in the return of income - A.R. submitted that during the course of survey, no incriminating material or evidences were impounded and the aforesaid statement has been controverted by Revenue by placing any material on record - Held that:- Considering the fact that Assessee had made the disclosure of income in the revised return of income and the AO has also accepted the same and in view of the fact that during the courses of survey, no incriminating material was found and since Revenue has not found actual concealment of income or furnishing of inaccurate particulars of income in the return of income, we are of the view that no penalty u/s. 271(1)(c) would be attracted in the present case. We further draw support from the decision of Hon’ble Gujarat High Court in the case of Kirit Dayabhai Patel vs. Act (2015 (1) TMI 201 - GUJARAT HIGH COURT) where the Hon’ble High Court has even in the case where income was shown in the return filed u/s. 153 of the Act has held that no penalty u/s. 271(1)(c) is leviable. - Decided in favour of assessee.
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