TMI Blog2021 (5) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... n to the assessee to file a revised return of income, whether the provisions of Section 271(1)(c) of the Act would apply with respect to the return of income, as originally filed or to the revised return of income pursuant to opportunity under Section 153A of the Act. Prima facie it appears that once the statute itself has given an opportunity to the assessee, the provisions of Section 271(1)(c) of the Act should apply to the revised return of income. The appellant refers to Explanation 5A to Section 271 of the Act, to contend that Section 271(1)(c) of the Act would apply to the original return of income filed and not to the revised return of income. The notice issued under Section 271(1)(c) of the Act, is not placed on record. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act was given to the respondent. The respondent, pursuant thereto, filed the return of income for the year 2007-08, of ₹ 9,61,76,296/-, as against the return earlier filed of ₹ 11,76,296/- only. The assessment in accordance with the disclosure in the said return of income, was made and penalty proceedings commenced, which as aforesaid, resulted in penalty of ₹ 2,13,18,000/- being imposed on the respondent and which penalty has been set aside by the ITAT. 3. The reason which prevailed with the ITAT for setting aside of the said penalty was, that neither the notice under Section 271(1)(c) of the Act nor the order imposing penalty, specified which of the alternatives was being invoked i.e., whether of concealment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act should apply to the revised return of income. 6. The counsel for the appellant refers to Explanation 5A to Section 271 of the Act, to contend that Section 271(1)(c) of the Act would apply to the original return of income filed and not to the revised return of income. 7. The notice issued under Section 271(1)(c) of the Act, is not placed on record. 8. We would like to see the said notice, to satisfy ourselves that the notice fulfilled the requirements of Explanation 5A supra, also. 9. The counsel for the appellant is requested to, before the next date of hearing, file a compilation of all the judgments on aforesaid aspects as well as the notice under Section 271(1)(c) of the Act issued to the respondent as well as any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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