2015 (6) TMI 1081

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....y: Shri Dinesh Singh, Sr. D.R. ORDER PER : S.S. GODARA, JUDICIAL MEMBER:- This assessee's appeal arises against order of the CIT(A)-XII, Ahmedabad in case of CIT(A)-12/552/DCIT/CC-2(1)/13-14 dated 17-02- 2015, confirming penalty of Rs. 77,25,000/-, in proceedings u/s. 271(1)(c) of the Act. 2. Facts of the case are in a narrow compass. The assesseecompany builds and develops housing pro....

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.... Officer did not agree. He passed penalty order on 23-09-2013 interalia holding that the assessee's declaration of on-money receipt was only consequent to the aforesaid search, it's case was not covered by section 271(1)(c) explanation 5 immunity; it had not quantified separately the impugned on-money receipts from the individual members and its action amounted to concealment and furnishing of ina....

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.... decision of hon'ble jurisdictional High Court in Kirit Dayabhai Patel vs. ACIT case Tax Appeal no. 1181 of 2010 with 1182 of 2010 to 1185 of 2010 decided on 03- 12-2014 holding that if no addition is made in furtherance to the post search return, the same has to be treated as the one filed u/s. 139 and no penalty is leviable in such a case. We deem it proper to observe that the section 271(1)(c) ....