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2021 (3) TMI 457 - AT - Income TaxPenalty u/s 271(1)(C) - reopening of assessment u/s 147 - CIT(A) affirmed the order of the AO by holding that assessee has furnished inaccurate particulars of income by not disclosing the income from sale of shop in the original return of income and assessee has only disclosed the income in the revised return of income after the survey was conducted on the purchaser M/s. Gold Finch Jewelers Ltd. - HELD THAT:- No notice was issued u/s.148 prior to the filing of the revised return and thus, we note that assessee has voluntarily suo-motto filed the revised return of income and offered to tax whatever was left from being disclosed in the original return of income. Revised return was not filed in response to notice issued u/s.148 and therefore, the assessee cannot be held liable for furnishing in accurate particulars of income or for concealment of income as the income stands offered to tax in the revised return of income - We are not in agreement with the conclusion drawn by the ld. CIT(A) on this issue as assessee cannot be penalized where assessee suo-motto came forward and paid tax on the income which was omitted to disclose in the original return of income and was offered to tax in the revised return of income and especially the fact that notice u/s.148 by issue after filing of revised return. In view of these facts we set aside the order of the ld. CIT(A) and direct the ld. AO to delete the penalty. - Decided in favour of assessee.
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