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2022 (7) TMI 1307 - HC - Income TaxPenalty u/s 271(1) - whether defective notice issued? - Unaccounted cash receipts - assessment u/s 153A - as per Tribunal penalty order did not clearly advert to the ground on which the penalty was being levied, that is, for concealment of income or nondisclosure of material particulars in the original return - HELD THAT:- First, the revised return filed pursuant to notice issued u/s 153A would not, by itself, lead to an inference that there has been concealment; the revenue would have to show that there was incriminating evidence available in that behalf before penalty could be imposed. Second, Section 153A of the Act is a complete code, the provisions of section 139 of the Act, which concerns original returns, would not be applicable. In other words, the so-called revised return filed, would be the original return. Third, if Explanation 5 to Section 271(1) of the Act were to be relied upon, the revenue would have to establish that the assets, such as money, bullion etc. were seized during the search conducted on the premises of the assessee and that the said assets related to the income of the assessee for the relevant assessment years. Explanation 5, as noted in the said judgement, was inserted in the statute by Taxation Laws (Amendment) Act, 1984, w.e.f. 01.10.1984. In our opinion, the conclusion reached by the Tribunal in the instant case that the notice for imposition of penalty under Section 271(1) (c) of the Act, did not specify which limb of the said provision the penalty was sought to be levied is covered by various decisions of HC. We are in agreement with the view taken in SSA’s Emerald [2016 (8) TMI 1145 - SC ORDER] and Manjunatha Cotton [2013 (7) TMI 620 - KARNATAKA HIGH COURT]) and, in any event, are bound by the view taken by the coordinate bench of this court in the Sahara India case. Insofar as the view taken in the Neeraj Jindal case [2017 (9) TMI 123 - SC ORDER] is concerned, that does not arise from the order of the Tribunal in this case, although, there is much weight in the conclusions reached by a coordinate bench in the said case. Like in the Neeraj Jindal case, in this case as well, search was conducted against the “Bakshi group” which led to the issuance of notice under of the Act. Appeal dismissed.
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