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2016 (10) TMI 499 - HC - Income TaxPenalty u/s. 271(1)(c) - assessee failure to submit accurate particulars of the income - Tribunal quashed the penalty observing that when the return of income was accepted as it is, there was no question of thereafter, imposing the penalty - Held that:- The assessee itself was never subjected to search or survey, Revenue could also have relied on explanation 5 or 5A as the case may be of section 271 to levy penalty. Even though the income has been disclosed in the return filed subsequently, section 271(1)(c) would permit the Assessing Officer to levy penalty equal to or not exceeding three times the amount of tax sought to be evaded by reason of concealment of particulars of income or furnishing of inaccurate particulars of such income. In the present case, when the assessee had declared certain income which was accepted by the Assessing Officer, it would not be even the case of the Revenue that any income was sought to be evaded. The Tribunal therefore, in the facts of the case, committed no error. - Decided against revenue.
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