1990 (9) TMI 54

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....ntial premises on January 31, 1985. Taking advantage of Explanation 2 appended to sub-section (1) of section 273A by the Taxation Laws (Amendment) Act, 1984, with effect from October 1, 1984 (which was omitted by the Finance Act, 1985, with effect from May 24, 1985), the petitioner purported to make a disclosure of his concealed unaccounted income before the Commissioner within 15 days of the said raid. He submitted revised returns within the said period in respect of the assessment years 1976-77 to 1985-86. Having filed the said returns, the petitioner applied to the Commissioner under section 273A to waive the penalties imposed upon him and placed strong reliance upon Explanation.2 aforesaid. This argument was rejected by the Commissioner....

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....that they were so accepted. If the revised returns were finally accepted as filed by the petitioner, there may not be any room for holding that the petitioner had not made full and true disclosure of his income within the meaning of the said explanation. But, if the revised returns are not accepted and all the disputed income is included in one assessment year, i.e., 1985-86, there is no room for any argument of a full and true disclosure by the assessee. Moreover, it is necessary to clarify a certain aspect in this case. The petitioner applied for waiver of three types of amounts, namely, penalties imposed under section 271(1)(c), penalties imposed under section 273(1)(b) and the interest charged under section 217. Explanation 2 to s....