TMI Blog2018 (3) TMI 384X X X X Extracts X X X X X X X X Extracts X X X X ..... e particulars of income being filed by the Respondent in its original return of income. The finding of fact rendered both by the CIT(A) and the Tribunal that the revised return of income was filed by the Respondent suo motu and not consequent to detection of inaccurate particulars of income by the Assessing Officer, is not shown to be perverse. Admittedly, there is no allegation that the revised r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case and in law, the Tribunal is right in holding that penalty under Sections 271(1)(c) cannot be levied on income declared in the revised return of income filed u/s. 139(5) of the I. T. Act, 1961? 3 The Respondent originally filed its return of income for Assessment Year 2005-06, declaring a loss of ₹ 20.64 Crores. On receipt of scrutiny notice under Section 143(2) of the Act, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) deleted the penalty. This after having recorded a finding of fact by placing reliance upon the order of the Tribunal dated 27th May, 2011 in quantum proceedings. In the quantum proceedings, the Tribunal has held that there is nothing either in the order of the Assessing Officer or in the order of the CIT(A) to show that the revised return of income was filed only after the detection of the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er order dated 27th May, 2011 in quantum proceedings viz: the revised return filed under Section 139(5) of the Act, was valid return of income filed by the Respondent on its own and not on the basis of any investigation/ discovery done by the department of inaccurate particulars in the original return of income. Thus, holding that there is no basis for invoking Section 271(1)(c) of the Act . 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsequent to detection of inaccurate particulars of income by the Assessing Officer, is not shown to be perverse. Admittedly, there is no allegation that the revised return of income filed by the RespondentAssessee, contains any inaccurate particulars of income . 9 In these circumstance, particularly the finding of fact rendered both by the CIT(A) and the Tribunal, the question as proposed does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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