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2023 (5) TMI 211 - ITAT DELHIPenalty u/s. 271(1)(c) - Non specification of clear charge - revised returns filled in response to notice issued u/s. 153A - HELD THAT:- There is no dispute that in response to notice issued u/s. 153A of the Act, the Assessee had filed revised returns of income declaring more income than what was declared in the original returns of income. It is further observed, in the course of assessment proceedings, AO made thorough verification of the returns of income and ultimately accepted the income declared by the Assessee. AO has not mentioned the exact charge for which he intends to impose penalty u/s. 271(1)(c) of the Act. Even, in the show cause notice issued u/s. 274 read with sec. 271 AO has not specified under which limb he intended to impose penalty. AO has not established on record that either there is concealment of income or furnishing of inaccurate particulars of income by the Assessee. This is so because, neither he has referred to any incriminating material found as a result of search indicating concealment of income by the Assessee nor there is any adverse inference drawn by the AO in the assessment orders resulting in variation in income declared by the Assessee. Thus, in our view, the Revenue has failed to establish either concealment of income or filing of inaccurate particulars of income by the Assessee - Decided in favour of assessee.
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