TaxTMI 
TaxTMI 
2009 (3) TMI 528
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....ing in sanitary goods. There was a survey of the business premises of the petitioner under section 133A of the Act on October 6, 1994, and pursuant to the survey, the petitioner filed revised returns of income for the assessment years 1992-93, 1993-94 and 1994-95. Thereafter, the petitioner also filed a return for the assessment year 1995-96 on October 31, 1995, declaring an income of Rs. 3,96,130. The Assessing Officer made an addition of Rs. 1,40,690 under the head of unaccounted income from sales outside the books in the assessment order dated March 31, 1998, and initiated penalty proceedings under section 271(1)(c) of the Act for concealment of income and thereafter imposed penalty of Rs. 56,360 by order dated September 25, 1998. The pe....
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....essing Officer in his report dated December 18, 1998, for the assessment year 1995-96 and from the said report of the Assessing Officer, it is clear that the Assessing Officer has taken a view that the return has been filed voluntarily and the disclosure has been made by the petitioner in good faith and the disclosure was full and true. He submitted that the Commissioner of Income-tax had not taken these relevant facts into consideration and proceeded on an erro- neous assumption that the petitioner had filed a revised return for the assessment year 1995-96 on the basis of the survey and special audit which took place on October 6, 1994. 4. Mr. Bagadia cited the decision of the Karnataka High Court in Mrs. P.V. Athanimath v. CWT [....
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....alty under section 246(1) of the Act. He further submitted that a reading of the application of the petitioner would go to show that the petitioner had taken a stand in the application that pursuant to the survey under section 133A of the Act con- ducted at its business premises the returns were voluntarily revised in good faith making full and true disclosure of income and it is perhaps for this reason that the Commissioner of Income-tax had come to the conclusion in the impugned order that returns of income have been upwardly revised by the assessee only after the survey and special audit, and the filing of revised return cannot be said to be voluntary and in good faith and hence, requirement laid down in section 273A of the Act for waive....
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....is application under section 273A of the Act was also ordinary statutory remedy which was available to the petitioner and the petitioner availed of this statutory remedy but the Commissioner rejected the application of the petitioner on the ground that the petitioner had revised the return only after the survey and special audit and hence the revision of the return could not be said to be voluntary or in good faith. Since the petitioner had not filed any revised return for the assessment year 1995-96 in respect of which the application under section 273A of the Act was filed, the rejection of the application on the ground that the petitioner had revised the returns only after the survey and special audit and had thus not disclosed his incom....