TaxTMI 
TaxTMI 
2015 (10) TMI 2319
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....ssessee electronically filed its return of income for A.Y. 2009-10 on 30.07.2009 declaring total income of Rs. 20,10,190/-. Subsequently, a survey u/s. 133A was conducted on 10.09.2009 and during the course of survey, the partner Shri Rageshkumar Shah disclosed Rs. 1,20,00,000/- as undisclosed income for A.Y. 2009-10 and Rs. 1,80,00,000/- for A.Y. 2010-11. Assessee thereafter revised its return of income on 28.09.2009 for A.Y. 2009-10 declaring total income at Rs. 1,40,10,190/-. The Assessment was thereafter framed u/s. 143(3) vide order dated 02.12.2011 and the assessment was completed on the returned income. On the additional income of Rs. 1,20,00,000/- that was disclosed during the course of survey, A.O vide penalty order dated 22.06.201....
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....nalty proceedings were illegal and unlawful in as much as there was no act of furnishing the inaccurate particulars of income in respect of income declared. It is, therefore, prayed that the penalty of Rs. 45.50 lacs levied by AO and confirmed by CIT(A) may please be deleted. 4. Before us, ld. A.R. submitted that though Assessee has raised various grounds but the only issue is with respect to levy of penalty u/s. 271(1)(C). 5. Before us, ld. A.R. submitted that Assessee had filed the revised return of income on 20.09.2008 declaring total income of Rs. 1,40,10,190/- which included the disclosure of Rs. 1.20 crores as admitted by the partner at the time of survey. The revised return filed by the Assessee was accepted in toto by the A.O and....
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.... 30.07.2009 and later on the return was revised on 28.09.2009 showing total income at Rs. 1.40 crores which included Rs. 1.20 crore that was admitted at the time of survey. It is also a fact that the revised return of income filed by the Assessee was accepted in totality by the A.O. and no addition was made. On the undisclosed income of Rs. 1,20,00,000/- which was disclosed by the Assessee and accepted by the Return in the return of income penalty u/s. 271(1)(c) for concealment of income has been levied. Before us, ld. A.R. submitted that during the course of survey, no incriminating material or evidences were impounded and the aforesaid statement has been controverted by Revenue by placing any material on record. Considering the fact that ....