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TMI Blog2019 (1) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... JJ. Mr. Mihir Naniwadekar for the Appellant Mr. Sham Walve for the Respondents P.C.: 1. These appeals arise out of common background. We may refer facts from Income Tax Appeal No. 1081 of 2016. 2. The appeal is filed by the assessee challenging the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short) dated 30.10.2018 raising following questions for our consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se to notice under Section 153A of the Income Tax Act, 1961 ("the Act" for short), also the assessee filed return declaring additional income. The assessment was carried out by the Assessing Officer under Section 153A of the Act accepting the declared income. This gave rise to penalty proceedings. The Assessing Officer imposed penalty under Section 271(1) (c) of the Act which was challenged by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the appellant had placed considerable stress on the language used in Explanation 5A below Section 271(1) of the Act to contend that when incriminating material was found during search, penalty on the basis of income returned by the assessee in the returns filed in response to Notice under Section 153A of the Act could not have been imposed. Learned counsel for the Revenue, however, argued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the books of account or other documents or transactions represents his income (wholly or in part) for any previous year, which has ended before the date of search and, - (a) where the return of income for such previous year has been furnished before the said date but such income has not been declared therein; or (b) the due date for filing the return of income for such previous year has exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le to penalty under Section 271(1)(c) of the Act. In the present case, going by the order of the Tribunal, this is precisely what has happened. By virtue of this explanation, therefore, penalty could be levied and the fact that in the assessment order, no additional income is assessed in assessment in response to the notice under Section 153A of the Act, would be of no consequence. The contention ..... X X X X Extracts X X X X X X X X Extracts X X X X
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