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2017 (5) TMI 1361 - AT - Income TaxPenalty u/s.271(1)(c) - income from future and option transaction - Held that:- The assessee in its original return filed under section 139(1) had set off the said income against the loss incurred. However, while filing return under section 153A, the same was withdrawn in view of the realisation that the same was not permissible as per law. The explanation given by the appellant for disclosing reduced income in the return filed under section 139(1) is factually correct and the said reduced income is not attributable to any income regarding which particulars had not been correctly filed. The erroneous claim made earlier has been withdrawn on realising the mistake at the time of filing the return in response to notice under section 153A. The amount involved is ₹ 1,21,539. The said wrong claim could have been discovered by the assessee or could have been noticed by the AO in time after filing the return under section 139(1). However, the said incorrect claim did not get noticed either by the assessee or by the AO and its correction at the time of filing of return under section 153A would not lead to imposition of penalty under section 271(1)(c). - Decided against revenue Penalty u/s.271(1)(c) - undisclosed foreign income - Held that:- The return revised by the appellant is within the limit stipulated as per section 139(5) and therefore gets substituted by the return filed under section 139(1). Since there is no difference between the income returned in a return filed under section 139 and the assessed income, there is no cause for imposition of penalty under section 271(1)(c). The same is therefore rightly directed to be deleted by learned CIT(A).- Decided against revenue
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