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2015 (10) TMI 1476 - ITAT MUMBAI

2015 (10) TMI 1476 - ITAT MUMBAI - [2015] 39 ITR (Trib) 356 (ITAT [Mum]) - Penalty under section 271(1)(c) - reopening of assessment - Held that:- The assessee in this case has suo motu offered the additional income and the same was not detected during any course of action by the Revenue authorities against the assessee. Under such circumstances, it cannot be said to be a case where any concealment of income is detected against the assessee inviting penalty action under section 271(1)(c) of the .....

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e, ordered to be deleted. - Decided in favour of assessee. - I.T.A. Nos. 93 to 95/Mum/2012 - Dated:- 4-3-2015 - SHRI B. R. BASKARAN, AND SHRI SANJAY GARG, JJ. For the Appellant : Shri G. P. Mehta For the Respondent : Shri Love Kumar ORDER Sanjay Garg (Judicial Member).- The above titled appeals have been preferred by the different but related assessee's against the orders of the Commissioner of Income-tax (Appeals)-22, Mumbai ("CIT(A)" for short) all dated October 13, 2011, contest .....

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012 for assessment year 1998-99 2. The brief facts of the case are that the assessee filed his return of income on December 21, 1998, declaring the total income of ₹ 1,69,900. Subsequently, the assessee filed his revised return on May 30, 2003, declaring the additional income of ₹ 7,50,000 being share of profit from firm M/s. R. K. Overseas, which was claimed as exempt in the original return. The revised return so filed by the assessee was beyond the period of limitation prescribed f .....

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also initiated. The Assessing Officer (A.O.) noticed that a search action under section 132 of the Act was carried out at the firm M/s. R. K. Overseas, Amritsar and during the enquiries it was noticed that the said firm was a bogus firm operated on by one chartered accountant namely Shri Vivek Kapoor, and his employees. The assessee allegedly had shown to have received profits from the said firm. After the detection of the alleged bogus firms operated by the said Shri Vivek Kapoor, chartered ac .....

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erefore, it was not a case of furnishing of inaccurate particulars of income or concealment of income, however, the Assessing Officer observed that the assessee had filed the return subsequently to the detection of the operation of bogus firms by the chartered accountant and, therefore, the revised return filed by the assessee was not voluntary but was under constrain of detection and follow up action by the Department. He, therefore, held it to be a case of concealment of income and levied the .....

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k Kapoor, chartered accountant, and it was found that the said chartered accountant was operating bogus firms, however, no proceedings were initiated against the assessee either under section 153C of the Act or under section 147 of the Act pursuant to the said search action against the said chartered accountant. The assessee himself filed a revised return declaring an additional income which was claimed in the original return to have been received as share of profit from the firm M/s. R. K. Over .....

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