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TMI Blog2015 (12) TMI 1874X X X X Extracts X X X X X X X X Extracts X X X X ..... . The case was reopened on the specific information from the Jaipur Investigation Wing that the assessee had made bogus purchases from M/s Vijay Gems, Jaipur bearing bill No. 83, dated 09/03/2006 for Rs. 5,92,973/-. This was brought to the knowledge of the assessee by the department. Due to the fact that it was not verifiable and assessee agreed to file revised return of income for the AY 2006-07 admitting the above purchases as additional income, declared the taxable income of Rs. 6,22,490. Subsequently, notice u/s 148 was issued. In response to the notice u/s 148, assessee replied back to consider the revised return of income filed admitting additional income as return of income filed in response to notice u/s 148. The assessment was comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to penalty u/s 271(1)(c) of the Ac. 6. Ld. AR submitted that the assessee had accepted to offer the additional income to buy peace with the department and further litigation. He further submitted that the penalty cannot be levied, when the assessee accepts to offer as the additional income and files revised return of income voluntarily to buy peace. He relied on the following case laws: 1. ACIT Vs. Ashok Raj Nath, [2013] 33 Taxmann.com 588 (Delhi Trib.) 2. ACIT Vs. Prem Chand Garg, [2009] 31 SOT 97 (Delhi) (TM) 7. Ld. DR relied on the order of CIT(A). 8. After considering the submissions made by both the sides and perusing the material facts on record, it is observed that there is no doubt that the assessee had filed revised return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luntarily due to the fact that assessee was not in a position to substantiate the claim, even though, the transaction was made through banking channel. The assessee had declared the additional income voluntarily and filed return of income, which the AO accepted the revised return of income to complete the assessment u/s 143(3) r.w.s. 147. By applying the ratios of the above cited judgments, we are inclined to note that the assessee filed the revised return of income which was duly accepted by the AO. From the above observations, it is clear that the assessee had neither concealed the particulars of the income nor furnished inaccurate particulars of such income. Hence, this is not a fit case to attract penalty proceedings u/s 271(1)(c) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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