2015 (2) TMI 1099

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....t : A. C. Shah (AR) ORDER Per Bench : This appeal by the Revenue is directed against the order of the Commissioner of Income Tax (Appeals)-VI, Ahmedabad dated 09.06.2011 for the Assessment Year 2006-07. 2. The Revenue has raised the following grounds of appeal:- T he Ld. CIT(A) erred in law and on facts in deleting the penalty u/s 271(1)(c) amounting to Rs. 2,81,24,512/-. 3....

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....e ld. CIT(A) was not justified in deleting the penalty imposed u/s 271(1)(c) of the Act. He submitted that admittedly a survey operation u/s 133A of the Act was conducted at the business premises of the assessee on 24.11.2006 and during the survey operation, the assessee offered additional income totaling to Rs. 41,73,000/-. He submitted that the assessee cannot be allowed to take the benefit of i....

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..... Therefore, there was no concealment of particulars of income or furnishing of inaccurate particulars of income by the assessee. 6. We have heard the rival submissions, perused the orders of the lower authorities and material available on record. The factum of deletion of addition in respect of non-deduction of tax by the assessee is not controverted by the ld. CIT-DR. Therefore, we do not see....

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.... assessee has concealed the particulars of income or furnishing the inaccurate particulars of such income. There is no dispute with regard to the fact that the particulars of income are reflected in the Return of Income. It is not the case of the Revenue that the returns of income filed were invalid. In fact, the Assessing Officer has proceeded on the basis of the returns filed by the assessee and....