TMI Blog2015 (2) TMI 1099X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of this Bench of the Tribunal rendered in the case of DCIT Vs. Dr. Satish B Gupta (2010 (8) TMI 641 - ITAT, AHMEDABAD ). Ld. CIT-DR has contended that the CIT(A) failed to appreciate the fact that the additional income was declared in consequence to the survey action by the Revenue. However, it is not disputed by the ld. CIT DR that the assessee has declared this income in his original Return of Income, although it was belated return. As per provisions of Section 271(1)(c), penalty can be imposed if the assessee has concealed the particulars of income or furnishing the inaccurate particulars of such income. There is no dispute with regard to the fact that the particulars of income are reflected in the Return of Income. It is not the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the submissions, allowed the appeal and directed the Assessing Officer to delete the penalty. Aggrieved by the aforesaid order of the ld. CIT(A), the Revenue is an appeal before us. 4. The ld. CIT-DR submitted that the ld. CIT(A) was not justified in deleting the penalty imposed u/s 271(1)(c) of the Act. He submitted that admittedly a survey operation u/s 133A of the Act was conducted at the business premises of the assessee on 24.11.2006 and during the survey operation, the assessee offered additional income totaling to ₹ 41,73,000/-. He submitted that the assessee cannot be allowed to take the benefit of its deliberate act of concealing income. He submitted that had the survey action was not conducted, the income would have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled to appreciate the fact that the additional income amounting to ₹ 41,73,000/- was declared in consequence to the survey action by the Revenue. However, it is not disputed by the ld. CIT DR that the assessee has declared this income in his original Return of Income, although it was belated return. As per provisions of Section 271(1)(c) of the Income-tax Act, penalty can be imposed if the assessee has concealed the particulars of income or furnishing the inaccurate particulars of such income. There is no dispute with regard to the fact that the particulars of income are reflected in the Return of Income. It is not the case of the Revenue that the returns of income filed were invalid. In fact, the Assessing Officer has proceeded on t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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