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2017 (6) TMI 242 - AT - Income TaxPenalty u/s 271(1)(c) - undisclosed foreign income - revised return filed u/s 153A after search - Held that:- the income returned by the assessee u/s 153A of the Act has been accepted by the AO and once the AO accepts the revised return filed u/s 153A of the Act, the original return u/s 139 of the Act abates and becomes non-est. Therefore, in view of case of Pr. CIT Vs Sh. Neeraj Jindal and Others [2017 (2) TMI 1002 - DELHI HIGH COURT ] the concealment has to be seen with reference to the return which has been filed by the assessee for the purpose of levying penalty u/s 271(1)(c) of the Act, what has to be seen is whether there is any concealment in the return filed by the assessee u/s 153A and not vis-ŕ-vis the original return filed u/s 139 of the Act. In the present case, the same income has been accepted which was returned by the assessee, therefore, the penalty u/s 271(1)(c) of the Act was not leviable.- Decided in favor of assessee.
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