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2021 (5) TMI 50 - HC - Income TaxPenalty u/s 271(1)(c) - Revised return filed consequent to search and seizure operations under Section 132 - difference between the return of income originally filed and subsequently filed under Section 153A - reason which prevailed with the ITAT for setting aside of the said penalty was, that neither the notice under Section 271(1)(c) of the Act nor the order imposing penalty, specified which of the alternatives was being invoked i.e., whether of concealment of particulars of income or furnishing of inaccurate particulars of such income - HELD THAT:- The statute, under Section 153A of the Act, having itself providing for an option to be given to the assessee to file a revised return of income, whether the provisions of Section 271(1)(c) of the Act would apply with respect to the return of income, as originally filed or to the revised return of income pursuant to opportunity under Section 153A of the Act. Prima facie it appears that once the statute itself has given an opportunity to the assessee, the provisions of Section 271(1)(c) of the Act should apply to the revised return of income. The appellant refers to Explanation 5A to Section 271 of the Act, to contend that Section 271(1)(c) of the Act would apply to the original return of income filed and not to the revised return of income. The notice issued under Section 271(1)(c) of the Act, is not placed on record. We would like to see the said notice, to satisfy ourselves that the notice fulfilled the requirements of Explanation 5A supra, also.The counsel for the appellant is requested to, before the next date of hearing, file a compilation of all the judgments on aforesaid aspects as well as the notice under Section 271(1)(c) of the Act issued to the respondent as well as any other document which may be relied upon during the hearing.
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