TaxTMI 
TaxTMI 
2022 (8) TMI 747
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....nue is directed against the order passed by the CIT(A)-8, Pune on 12-07-2018 deleting the penalty of Rs.1,99,19,766/- imposed by the Assessing Officer u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter also called `the Act') in relation to the assessment year 2013-14. 2. Briefly stated, the facts of the case are that the assessee filed its return on 30-09-2013 declaring total income of Rs.6,5....
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....e of Rs.6.44 crore, which was promptly included in the return of income filed afterwards. The AO accepted the returned income and did not make any addition. After that, he imposed penalty on the amount offered by the assessee in the return of income pursuant to survey. Under these circumstances, a question arises as to whether the assessee can be visited with penalty u/s.271(1)(c) on such income? ....
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....n the return of income, then it cannot be said to be added by the AO for the purposes of Explanation 1 to section 271(1). Explanations 5 and 5A of section 271(1) deal with the imposition of penalty under this provision even where the income in the given circumstances is declared in any return of income. The Explanations apply only in the case of search u/s.132 and not the survey u/s.133A of the Ac....
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.... was included in the return filed after the date of survey on that count. It was during the course of assessment proceedings and in reply to show cause notice filed on 22-11-2006 that the assessee made an offer of surrendering a sum of Rs.40.74 lakh. The AO accordingly completed the assessment by making this addition and thereafter imposed penalty. It was in that backdrop of the facts that the Hon....