TaxTMI 
TaxTMI 
2012 (9) TMI 956
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.... levied by the AO amounting to Rs. 69,000 under s. 271(l)(c) for asst. yr. 2000-01. 2. The learned CIT(A), Pune further erred in not appreciating the submissions given by the appellant that the there is no concealment of income for the purpose of s. 271(l)(c) of the IT Act, 1961 since there is no difference in the assessed income and returned income filed in response to notice under s. 153A. 3. The learned CIT(A) erred in not appreciating the contention of the appellant that no penalty is leviable in respect of income declared in the return of income filed in response to notice under s. 153A of the Act, 1961. 4. The learned CIT(A) erred in confirming the penalty by holding that the appellant is not eligible for immunity as provided in Ex....
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....1,950 5,81,090 88,000 1,62,200 2,12,700 Shri Tushar D. Ashtekar 2005-06 25,988 3,37,190 3,37,190 76,660 Shri Chandrashekhar M. Ashtekar 2003-04 6,10,073 6,99,420 6,99,420 31,600 In sum and substance, the income declared by the assessee in the returns filed in response to the notices under s. 153A was accepted in all these cases and no further addition was made. From the summary of the income declared by the assessee given above, it is seen that in respect of some of the assessment years, these assessees have not filed the returns under ss. 139(1) and 139(4) but for the first time filed the returns of income under s. 153A of the Act. In some of the cases, in some of the assessment years, these assessees offer....
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....es are in appeal before us. 4. We have heard the rival submissions of the parties and perused the record. The learned counsel, at the first instance, submitted that no addition is made by the AO to the income offered or declared in the returns of income filed in response to the notices issued under s. 153A of the Act. He submitted that entire income offered by these assessees were merely on the basis of some entries in the documents and there is no income detected based on any money, bullion, jewellery or any valuable asset. He submits that at the first instance, the assessee is entitled for the immunity as per the Expln. 5 to the s. 271(l)(c) of the Act as the income admitted during search operation was offered by all these assessees and ....
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....assessment years or only for the assessment year in which the date of filing of the return has expired at the time of search or for the assessment year in respect of which the previous year was yet to end on the date of search. In this case, search was conducted on 26th Oct., 2005, hence, at the most, the benefit of the immunity can be given for the asst. yr. 2006-07. 6. We find that the assessee's case is otherwise squarely covered vide the decision of Tribunal, Pune in the case of Chandan K. Shewani (supra). In the said case, The additional income was declared during the course of search to cover up the expenditure as well as deposit in bank accounts. The Tribunal considered the Explns. 3, 5 and 5A to s. 271(l)(c) of the Act and held....
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....of his income which he is required to furnish under s. 139 in respect of any assessment year commencing on or after the 1st day of April, 1989, and until the expiry of the period aforesaid, no notice has been issued to him under cl. (i) of sub-s. (1) of s. 142 or s. 148 and the AO or the CIT(A) is satisfied that in respect of such assessment year such person has taxable income, then, such person shall, for the purposes of cl. (c) of this sub-section, be deemed to have concealed the particulars of his income in respect of such assessment year, notwithstanding that such person furnishes a return of his income at any time after the expiry of the period aforesaid in pursuance of a notice under s. 148.' The said Explanation presumes that th....