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2017 (1) TMI 573 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - revised return of income offering additional income on own before any notice was issued by the Department - allegation of the Department that only because in an investigation conducted by the Department, it was found that assessee has not disclosed income from share transaction she was compelled to file return of income offering additional income - Held that:- The explanation of the assessee that having become aware of the fact that income from share transaction have not been offered in these assessment years she voluntarily came forward to file revised return of income offering additional income appears plausible. It is also a fact on record that revised returns of income filed by the assessee are prior to issuance of any notice by the Department. It is also a fact to be taken note of that apart from the additional income offered in the revised return of income Department has not assessed any other income. In other words, the income offered in the revised return of income was accepted by the Department without any variation. It is pertinent to note here that in assessment years 2007-08 and 2008-09, wherein the Department was in possession of information regarding non-disclosure of income by the assessee from share transactions, the income declared by the assessee from such transaction in the revised return of income has ultimately been accepted by the Department in assessment s completed under section 143(3) and assessee’s claim that no proceedings for imposition of penalty under section 271(1)(c) have been initiated remains uncontroverted by the Department. In the aforesaid facts and circumstances, in our opinion, it cannot be said that filing of revised return of income by the assessee offering additional income is not voluntary. Therefore, on consideration of overall facts and circumstances, we are of the view that there being no conscious or deliberate act on the part of the assessee to either conceal particulars of income or furnish inaccurate particulars of income imposition of penalty under section 271(1)(c) is uncalled for. - Decided in favour of assessee
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