https://www.taxtmi.com/caselaws?id=177251 The Tribunal allowed the appeals of the assessee by deleting the penalty levied for the assessment years 2003-04 to 2006-07 under section 271(1)(c) of the Income Tax Act. The Tribunal held that if the returned income filed under section 153A is accepted by the Assessing Officer, there is no concealment of income, and thus, the penalty cannot be imposed. The decision was based on the legal interpretation that the original return of income filed under section 139 cannot be considered for imposing penalties resulting from search assessments made under section 153A. en-us Fri, 29 May 2015 00:00:00 +0530 Tue, 05 Jan 2016 22:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177251 The Tribunal allowed the appeals of the assessee by deleting the penalty levied for the assessment years 2003-04 to 2006-07 under section 271(1)(c) of the Income Tax Act. The Tribunal held that if the returned income filed under section 153A is accepted by the Assessing Officer, there is no concealment of income, and thus, the penalty cannot be imposed. The decision was based on the legal interpretation that the original return of income filed under section 139 cannot be considered for imposing penalties resulting from search assessments made under section 153A. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177251