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2022 (2) TMI 117 - ITAT CHENNAIPenalty u/s.271AAB - Belated filing of regular return after search - income offered by the assessee in regular return of income filed u/s.139(1) of the Income Tax Act, 1961, on cessation of liability u/s.41(1) of the Act, being unsecured loan taken - HELD THAT:- In this case, except fact that regular return of income was filed after the date of search there was no adverse finding from the Assessing Officer regarding income offered by the assessee being cessation of liability u/s.41(1) of the Act, that said income is in nature of undisclosed income which was disclosed consequent to search Cessation of liability treated by the assessee towards unsecured loan taken from M/s. Park Field Developers & Builders P.Ltd. was not part of disclosure made in the statement recorded under section 132(4) of the Income Tax Act, 1961, nor it was case of the Assessing Officer that said income was disclosed in return of income filed in response to notice issued u/s.153A of the Act as a consequence of search. Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of income filed by the assessee for relevant assessment year, even though said return has been filed subsequent to date of search, so long as return filed by the assessee was within due date prescribed u/s.139(1) / 139(4) of the Income Tax Act, 1961. Since the assessee has filed regular return for impugned assessment year within extended due date prescribed u/s.139(4) of the Act, the Assessing Officer cannot levy penalty u/s.271AAB of the Act. The learned CIT(A) without appreciating facts has simply confirmed additions made by the Assessing Officer. Hence, we direct the Assessing Officer to delete penalty levied u/s.271AAB of the Act. - Decided in favour of assessee.
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