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2016 (8) TMI 311 - AT - Income TaxLevy of penalty u/s 271(1)( c) - benami bank account possession - Held that:- It is undisputed that the assessee filed the original return on 5-06-2006 which was selected for scrutiny u/s 143(2) of the Act by notice dtd. 21-06-2007. The ld. AR of the assessee could not reply to the query of the Bench as to what was the date of hearing fixed by notice u/s 143(2) of the Act. According to him, it was a routine notice. The revised return of income was filed on 16-10-207 i.e. after 04 months from the date of u/s 143(2) notice. Neither the ld. AR of the assessee nor the ld. DR could inform the date of hearing fixed by the said notice, any hearing or the information of Benami account with ld. AO. Thus the contention of the assessee that there was no information in the possession of Department about benami account could not be verified. Besides, in considered view the issue needs to be restored to the file of the ld. CIT(A) and as according to the assessee penalty appeals for the assessment years 2004-05 and 2005-06 are pending for decision. I am of the considered opinion that the relevant facts and the issue of imposition of penalty should be decided together with earlier years. It should be duly verified from record whether any information, inquiry or query about Benami bank a/c preceded filing of the revised return by the assessee and whether owning up the said benami account was prompted by good intention or due to some information in possession of the Department. In view of the above, it is deemed just and proper that ld. CIT(A) shall decided all the appeals together afresh. - Decided in favour of assessee for statistical purposes.
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