2015 (1) TMI 1235

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....evy of penalty are stated in brief. The assessee filed original return of income on 10.09.2004 declaring total income of Rs. 12,16,600/-, which included Long Term Capital Gain on sale of Shares of Rs. 3,60,305/-. The case was selected for scrutiny and hence the AO issued notice u/s 143(2) of the Act on 28.3.2005. After the receipt of the said notice, the assessee filed revised return of income, wherein the assessee revised the Long term Capital gains upwards to Rs. 14,87,789/-. The AO completed the assessment as per the Revised return of income by making certain disallowances. The AO took the view that the assessee has revised the return of income only after the enquiry was initiated by him. Accordingly the AO held that the penalty is levia....

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....ntary. At the time of hearing, the Ld A.R brought to our notice that the AO did not ask for any details at the time of issuing notice u/s 143(2) and hence the question of detection of the discrepancy in the Long Term Capital Gain by the AO does not arise in the instant case. Accordingly he submitted that the Revised return of income was voluntary in nature and the same has also been filed within the due date prescribed in the Act for filing revised return of income. He further submitted that the AO has also recognised the said return in the assessment proceedings. He also placed reliance on the decision rendered by the Delhi bench of Tribunal in the case of ACIT Vs. Ashok Raj Nath (2013)(33 taxmann.com 588), wherein the Tribunal had deleted....