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2019 (10) TMI 16 - AT - Income TaxPenalty levied u/s. 271(1)(c) - assessee filed revised return which was reassessed - Discrepancy between the difference in the income admitted in the original and the revised returns - HELD THAT:- During the penalty proceedings,the assessee has not given any explanation towards the discrepancy between the difference in the income admitted in the original and the revised returns. Therefore, the AO held that the assessee offered this income due to survey action and therefore, it is proved beyond doubt, that the assessee has concealed income / filed inaccurate particulars. CIT(A) found that the assessee has failed to offer any explanation in respect of the difference between the original income and the revised income and sustained the penalty levied by the AO. Before us also, the assessee is not able to offer any explanation in respect of the difference of income admitted between the original and revised returns as required under Explanation 1 of section 271(1)(c) of the Act. Therefore, the differential sum, between the revised return and original return is deemed to represent the income in respect of which particulars have been concealed. Therefore, we sustain the penalty levied U/s.271(1)(c) to that extent. As pointed out by the ld.AR, the levy of penalty could be made only on the tax that is sought to be evaded on the undisclosed income of ₹ 84,88,831/- (₹ 97,80,000 - ₹ 12,91,169) only. Therefore, we direct the AO to recompute the penalty U/s.271(1)(c), accordingly. The assessee’s appeal is allowed to this extent.
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