2019 (1) TMI 657

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...."the Tribunal" for short) dated 30.10.2018 raising following questions for our consideration:- "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961? (ii) Whether on the facts and in the circumstances of the case, penalty levied under Section 271(1)(c) of the Income Tax Act, 1961 is legally valid and justified, when the alleged concealed income was fully disclosed and accepted in the only valid and subsisting return?" 3. Appellant - assessee was subjected to search and seizure operation carried out by the Revenue Authorities on 16.1.2009. Certain documents and books of accounts were seized. Statements of th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....criminating material was found during search, penalty on the basis of income returned by the assessee in the returns filed in response to Notice under Section 153A of the Act could not have been imposed. Learned counsel for the Revenue, however, argued that the Tribunal came to specific finding that there was incriminating material which led to detection of concealed income. 6. Explanation 5(a) was added in the legislature by Finance Act 2009 w.e.f. 1.6.2007. This explanation reads as under:- "Explanation 5A. - Where, in the course of a search initiated under Section 132 on or after the 1st day of June, 2007, the assessee is found to be the owner of - (i) any money, bullion, jewellery or other valuable article or thing (herei....