2012 (11) TMI 1271

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....ember Assessee(s) by : Shri J.P.Shah, A.R. Revenue by : Shri T.Shankar Sr.D.R. ORDER Shri Mukul Kr. Shrawat,    All these appeals of the Revenue have identical issue pertaining to the deletion of penalty levied u/s.271(1)(c) by CIT(A)-II, Ahmedabad dated 04/03/2010 by respective three orders all dated 4.3.2010. Since the issue  involved is identical, therefore these a....

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....red in each hand. The disclosed amount was made at the time of search which was thereafter suo motu taxed as per the return. Hence the preliminary contention was that the disclosed amount was declared as per the return and thereon taxes were paid which was accepted by the AO as per the assessment order, therefore in the light of Explanation-5 below to section 271(1)(c) since the disclosure has bee....

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....ed Assessment Year 2007-08. There is no addition made in the appellant's case by the Assessing Officer and that since the appellant had already paid due tax and interests on the total income returned by him including the disclosed income of Rs. 1 crore, the tax and interests payable in the appellant's case on the date of passing of the Assessment Order worked out to Rs.Nil. As all the abo....

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....e I.T.Act. Hence, the appellant is entitled for exemption/immunity and penalty is nto leviable under Explanation 5 to Section 271(1)(c) of the I.T.Act. In view of these facts and the case laws relied on by the appellant, it is held that the Assessing Officer was not justified in levying the penalty. Accordingly, the penalty is deleted." 4. Now before us, decisions cited by ld.AR are as follows:....