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<h1>Tribunal upholds deletion of penalty for undisclosed income citing return disclosure</h1> The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed by the assessing officer for undisclosed income under sections 153A and 271(1)(c) ... - Issues involved: Assessment of undisclosed income u/s 153A and levy of penalty u/s 271(1)(c) for assessment year 2005-06.Assessment of undisclosed income u/s 153A:The assessee declared income of &8377; 21,41,890 including undisclosed income of &8377; 20,55,000 in the return filed u/s 153A. The assessing officer initiated penalty proceedings u/s 271(1)(c) based on the undisclosed income. The Tribunal noted that the assessee disclosed the entire income in response to the notice u/s 153A, and no addition was made by the assessing officer. It was argued that since the undisclosed income was disclosed in the return filed u/s 153A, there was no concealment of income. The Tribunal referred to similar cases where penalties were deleted in such circumstances and upheld the order of the CIT(A) in favor of the assessee.Levy of penalty u/s 271(1)(c):The Tribunal considered the submissions of both the departmental representative and the representative for the assessee. It was observed that the undisclosed income was disclosed in the return filed in response to the notice u/s 153A, and no further addition was made by the assessing officer. The Tribunal held that once the return of income is filed u/s 153A, all pending proceedings for those assessment years stand abated, and the income is to be computed based on that return. As the undisclosed income was disclosed in response to the notice u/s 153A, the Tribunal concluded that there was no concealment of income. Citing previous decisions in similar cases, the Tribunal confirmed the deletion of the penalty by the CIT(A) and dismissed the appeal of the revenue.Conclusion:The Tribunal upheld the order of the CIT(A) and confirmed the deletion of the penalty levied by the assessing officer. The appeal of the revenue was dismissed, and the decision was pronounced in open court on 03-06-2011.
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