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2020 (2) TMI 784 - AT - Income TaxLevy of penalty u/s 271(1)(c) - suo moto disclosure of income - income offered in the revised computation has been accepted - HELD THAT:- In the absence of any incriminating document found during the search proceedings at M/s DhanjiMama Group suggesting undisclosed income, it is transpired that the assessee has admitted the impugned income in his hands voluntarily in the statement furnished under section 131 of the Act. There was no communication by the Investigation office of the Income Tax Baroda who recorded the statement under section 131 of the Act of the assessee in connection with the search proceedings at M/s DhanjiMama Group about the fact that the assessee has disclosed such income which was not offered in the income tax return. We are holding so based on the order of the authorities below as this fact/information was not emanating from the respective orders There was questionnaire issued by the AO having jurisdiction over the assessee under section 142(1) of the Act which were filed before us. But, in none of the questionnaire the question regarding the undisclosed income admitted by the assessee in the statement furnished under section 131 of the Act was made. Accordingly, we are not impressed with the argument of the learned DR that there was a question raised about the reasons which has affected the income of the assessee. In our view, such question raised by the AO is a general question and has nothing to do with the income of the assessee admitted by him in the statement furnished under section 131 of the Act. Accordingly we can safely assume that the assessee has disclosed the impugned income voluntarily prior to the detection by the Income Tax Office. Assessee filed his original return of income dated 30- 03-2012 which is belated income tax return under section 139(4) of the Act. It is the settled law that the belated return cannot be revised under the provisions of section 139(5) of the Act. In view of the above we hold that there was no possibility for the assessee to revise the return of income under the provisions of the Act. Accordingly, the assessee had no option except to revise the computation of income. Accordingly, we conclude that the assessee has made suo moto disclosure of income as discussed above. Hence, the penalty in the instant case cannot be attracted under the provisions of section 271(1)(c) - Decided in favour of assessee.
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