TMI Blog2013 (2) TMI 734X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the assessee at the time of search was offered for taxation. The assessee has paid the tax; he has paid the interest. He has not preferred any quantum appeal. He has also explained about the business and stated that the jewellery was acquired over a period of time. When all the pieces are put together, we find that the CIT(A) is justified in holding that there is no ground to levy penalty i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 pertaining to jewellery. While filing the original return, the assessee admitted an income of ₹ 10,98,146. But in the course of assessment proceedings, before the completion of assessment, the assessee filed a revised return offering the entire value of jewellery amounting to ₹ 38,45,416. The assessment was accordingly completed. But the AO levied penalty under s. 271 AAA for the rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has returned the undisclosed income by way of revised return; he has explained the nature of sources of undisclosed income and the assessee had paid the tax together with interest. Therefore, he held that the assessee has complied with all the conditions and the penalty cannot be levied. 5. We heard both sides in detail. 6. The learned chartered accountant appearing for the assessee submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y it. But the fact is that the assessee had filed a revised return before completing the assessment. When that is the case, the first return filed by the assessee is non est. The only valid return is the revised return filed by the assessee. In that return, the amount admitted by the assessee at the time of search was offered for taxation. The assessee has paid the tax; he has paid the interest. H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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