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2016 (10) TMI 499 - GUJARAT HIGH COURT

2016 (10) TMI 499 - GUJARAT HIGH COURT - TMI - Penalty u/s. 271(1)(c) - assessee failure to submit accurate particulars of the income - Tribunal quashed the penalty observing that when the return of income was accepted as it is, there was no question of thereafter, imposing the penalty - Held that:- The assessee itself was never subjected to search or survey, Revenue could also have relied on explanation 5 or 5A as the case may be of section 271 to levy penalty. Even though the income has been d .....

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unal therefore, in the facts of the case, committed no error. - Decided against revenue. - Tax Appeal No. 77 of 2016 - Dated:- 19-7-2016 - Akil Kureshi And A. J. Shastri, JJ. Mr Nitin K Mehta, Advocate for the Appellant Mr B S Soparkar, Caveator for the Opponent ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Leave to place correct annexures on record. 2. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 9.6.2015 raising the following questions for our .....

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c) of the Act which came to be deleted by the Tribunal. The Tribunal made the following observations : 4. We have heard both sides and persued the case file. There isno factual dispute involved in this case. The Revenue seeks to treat the impugned onmoney receipts of ₹ 2.5 crores admitting in the course of search and declared in the return (supra) as concealment and furnishing of inaccurate particulars of income. We reiterate that the 'search' is dated 06012011 i.e. within the rele .....

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e deem it proper to observe that the section271(1)(c) explanation 5A instead of explanation 5 applies to search conducted on or after 162007. Be that as it may, the assessee has filed return admitting onmoney receipts as its income. The deeming fiction of concealment stipulated therein is not attracted accordingly. We follow the hon'ble jurisdictional high court's view and delete the impugned penalty. The assessee's arguments on merits succeed. 4. Having heard learned counsel for the .....

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