TMI Blog2019 (4) TMI 1521X X X X Extracts X X X X X X X X Extracts X X X X ..... at the assessee would not disclose the income in its return. The assessee has disclosed this income in its return and the AO has accepted the same without any addition or disallowance. AO has simply carried away by the surmise that had the survey not taken place, the assessee would not have disclosed this income. This assumption and surmises of facts are without any basis. AO cannot anticipate that assessee will not disclose a particular income. There are number of judgments available on this issue where it is held that when an assessee has made a complete disclosure in the return of income and offered the admitted amount for taxation, then there is no question of concealment of income or furnishing inaccurate particulars of income so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enience. 2. Brief facts in this behalf are that the assessee is engaged in construction activities. A search action under section 132 of the Act was carried out in the cases of Ankur Dalal group on 28.3.2012. Survey action was carried under section 133A of the Act in which disclosure of on-money receipt of ₹ 70 lakhs for the Asstt.Year 2012-12 in the case of Mann Corporation and ₹ 22.45 crores in the case of Yamunaji Corporation was made. Subsequently, both the assessees filed returns of income on 18.9.2012 and 28.9.2012 under section 139(1) of the Act declaring total income of ₹ 1,67,69,530/-, which included disclosure of ₹ 70 lakhs by Mann Corporation and ₹ 28,27,20,720/- includi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The fact of disclosure has also been stated in the Notes forming part of accounts. He submitted that assessee is liable for penal action under section 271(1)(c) of the Act, only when return of income filed by the assessee is scrutinized by the AO and he finds some more income, over and above what is declared in the return. Assessee has paid taxes on the disclosed income and the AO has not disturbed the book results and the returned income was accepted. Therefore, there is no question of imposing penalty under section 271(1)(c) of the Act. In support of the case of the assessee, the ld.counsel for the assessee relied upon the following orders/judgments: i) Divya Sthapatya Vs. ITO, ITA No.2220 221/Ahd/2015 dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sclose the income in its return. The assessee has disclosed this income in its return and the AO has accepted the same without any addition or disallowance. The ld.AO has simply carried away by the surmise that had the survey not taken place, the assessee would not have disclosed this income. This assumption and surmises of facts are without any basis. The ld.AO cannot anticipate that assessee will not disclose a particular income. There are number of judgments available on this issue where it is held that when an assessee has made a complete disclosure in the return of income and offered the admitted amount for taxation, then there is no question of concealment of income or furnishing inaccurate particulars of income so as to attract provi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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