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2016 (10) TMI 364 - ITAT JAIPURPenalty u/s 271(1)(c) - assessment was made accepting the revised return - undisclosed income towards excess cash, excess stock and list of outstanding debtors was offered and tax was paid - Held that:- The survey was conducted on 10.7.2008, more than 3 months have been completed for the financial year 2008-09 relevant to assessment year 2009-10. During the course of survey, excess cash, excess stock and list of outstanding debtors were found which has been admitted by the assessee, but previous year has not ended so far. The assessee filed return on 30th September, 2009 within time at ₹ 2,42,212/- and paid the tax on all the disclosures made, but in computation this disclosure has not been taken & it is directly credited in the capital account of the assessee. The assessee has co-operated during the survey proceedings as well as in assessment proceedings. The ld. AO had imposed penalty on the basis of finding given for the quantum proceedings in assessment. However, quantum proceedings and penalty proceedings are separate. No investigation or additional evidence had been brought on record to show that assessee has concealed the particulars of income and concealed the income. The AO only imposed the penalty on the basis of returned income. In the case of Suresh Mittal, [2001 (6) TMI 63 - SUPREME Court ] held that no penalty can be imposed if the revised return accepted by the AO as such. A number of decisions also on this issue has confirmed that for the assessment made on returned income, no penalty can be imposed under section 271(1)(c) of the Act. Therefore, we are of the considered view that penalty confirmed by ld. CIT (A) deserves to be deleted. Accordingly we delete the penalty imposed by the AO and confirmed by ld. CIT (A). - Decided in favour of assessee.
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