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2018 (6) TMI 827 - AT - Income TaxLevy of penalty u/s 271(1)(c) - additions made on the basis of evidence in the seized material - Held that:- Once the AO accepts the revised return filed u/s 153A, the original return under Section 139 abates and becomes non-est - thus, for the purpose of levying penalty u/s 271(1)(c), what has to be seen is whether there is any concealment in the return filed by the assessee u/s 153A, and not vis-a-vis the original return u/s 139 - here assessee has voluntarily admitted the unexplained expenditure of ₹ 3.4 lakhs and declared the same in the revised return of income filed in response to the notice u/s 153A, which was accepted by the AO and made the assessment accordingly - hence concealment of income or furnishing of inaccurate particulars of income does not arise in this case and hence, penalty levied u/s 271(1)(c) is hereby cancelled - Decided in favor of assessee.
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