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2017 (3) TMI 1260 - HC - Income TaxPenalty levied u/s 271(1)(c) - revised computation filed during proceedings under Section 153A - Held that:- At the time the return of income in response to notices under Section 153A of the Act was filed, the respondent assessee continued to declare its estimated income for the subject assessment years at the same rate / quantum as shown in the return of income filed during the regular assessment proceedings in Assessment Years 2002-03 and 2003-04. It was only on the order dated 30th July, 2009 of the Tribunal, the respondent assessee filed revised computation of income during the assessment proceedings. Moreover, all concerned were aware that at all times the income offered for tax was only on estimated basis. In the above view, the view taken by the impugned order of the Tribunal in the facts of this case is a reasonable view. The respondent assessee could not forecast the result of its appeal before the Tribunal and filed its return of income on the basis of determination of income by the Tribunal in the future. Both the CIT(A) and the Tribunal have came to a concurrent finding of fact that there was no furnishing of inaccurate particulars and / or concealment of income on the part of the respondent assessee. - Decided in favour of assessee
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