TMI Blog2021 (10) TMI 1152X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income. See NA MALBARY AND BROTHERS [ 1963 (11) TMI 5 - SUPREME COURT] and ONKAR SARAN AND SONS [ 1992 (3) TMI 1 - SUPREME COURT] In the absence of any variation between returned income and assessed income, no penalty u/s 271(1)(c) of the Act can be levied. Hence, we do not find any merit in the appeal filed by the Revenue. Accordingly, the appeal filed by the Revenue stands dismissed. - ITA No. 867/PUN/2018 - - - Dated:- 26-10-2021 - SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER Assessee by : Shri C.V. Deshpande Revenue by : Shri S.P. Walimbe ORDER This is an appeal filed by the Revenue directed against the order of Ld. Commissioner of Income Tax (Appeals)-3, Pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a partnership firm engaged in the business of builders. The return of income for the assessment year 2013-14 was filed on 29.03.2014 declaring total income of ₹ 2,02,40,024/-. The assessment against the said return of income was made u/s 143(3) of the Act by the Assessing Officer vide order dated 21.03.2016 accepting the returned income. However, the AO also initiated penalty proceedings u/s 271(1)(c) of the Act by issuing show cause notice u/s 274 of the Act. 4. The brief background of the case is as under: A survey operation was conducted u/s 133A of the Act in the business premises of respondent assessee firm on 11.10.2012. It is stated that as a consequence of such survey operation it was found that the respondent assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ratio of the decision of the Hon'ble Supreme Court in the case of MAK Data Pvt. Ltd. Vs. CIT (supra) is not applicable to the facts of present case as there is no variation between the returned income and assessed income and applying the decision of Hon ble Delhi High Court in the case of CIT Vs. SAS Pharmaceuticals, 11 taxmann.com 207 (Del) and the Hon ble Madras High Court in the case of CIT vs. Smt. Anita Kumaran 2017-(IT2)-GJX-0083-MAD had deleted the penalty. 6. Being aggrieved, the Revenue is in appeal in the present appeal. 7. The ld. Sr. CIT-DR Shri S.P. Walimbe submitted that the ld. CIT(A) ought to have applied the ratio of decision of Hon'ble Supreme Court in the case of MAK Data Pvt. Ltd. Vs. CIT (supra) as the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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