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2016 (7) TMI 844 - ITAT MUMBAIPenalty u/s 271(1)(c) - bogus gifts receipts - reopening of assessment - Held that:- There is detection by revenue authorities of the assessee being beneficiary of bogus gift of ₹ 5,00,000/- consequent to searches on Shah group in October 2002 and lists were prepared by Pune directorate for Mumbai region whereby the assessee was listed as one of the beneficiary of bogus gift of ₹ 5,00,000/- and the assessee filed revised return of income on 21-10-2004 declaring and surrendering ₹ 5,00,000/- as miscellaneous income under the head ‘income from other sources’ in the said revised return of income which was filed beyond the prescribed time limit u/s 139(5) of the Act for filing revised return and was an invalid return being non-existent in the eyes of law. The assessee filing return in response to notice dated 14-07-2005 u/s 148 of the Act whereby the said gift of ₹ 5,00,000/- was surrendered and offered as miscellaneous income was post recording of the reasons for re-opening and cannot be said to be voluntary act on the part of the assessee. In our considered view, the action of the A.O. in levying the penalty u/s 271(1)(c) of the Act of ₹ 1,45,089/- for concealment of income , which was later confirmed/sustained by the learned CIT(A) was quite justified and we confirm the same - Decided against assessee.
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