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Ravi Sud and Ranjana Sud Versus Asst. CIT, Ward 19 (1) , Mumbai

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 Act. Hence, it cannot be said to be a case of concealment of income by the .....

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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, contesting the confirmation of the levy of penalty under section 271(1)(c) of the .....

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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 for filing of the same. Thereafter a notice under section 148 was issued on .....

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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 accountant, the assessee declared the income of ₹ 74,69,150 in his time .....

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e 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 penalty of ₹ 2,49,450 under section 271(1)(c) of the Act. In first ap .....

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countant 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. Overseas. The reassessment under section 147(1) was done in this case subsequen .....

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